RENEWED FOR THE FUTURE.
Business operations of Sava d.d. and the Sava Group in the period January-June 2014
Sava Group
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● TABLE OF CONTENTS
INTRODUCTION page ●1. Summary of business operations of the Sava Group and Sava d.d. in the first half of 2014 ....... 3
2. Significant data and indicators ............................................................................................... 4
3. Overview of major events and achievements .......................................................................... 53.1. Events and achievements in the period January – June 2014 5
3.2. Events and achievements after the accounting period 5
4. Presentation of the Sava Group .............................................................................................. 64.1. Sava d.d. 6
4.2. Sava Group 7
5. Managing and governing bodies ........................................................................................... 8
BUSINESS ANALYSIS page ●1. The Sava share and ownership structure ................................................................................. 9
2. Business operations of Sava d.d. and the Sava Group .............................................................. 132.1. Business operations of Sava d.d. 13
2.2. Business operations of the Sava Group 19
FINANCIAL REPORT page ●1. Financial statements of the Sava Group with the selected explanatory notes in accordance ........ 24
with International Financial Reporting Standards as adopted by the EU1.1. Consolidated financial statements of the Sava Group in accordance with International Financial 24
Reporting Standards as adopted by the EU
1.2. Composition of the Sava Group and data about the operations of subsidiaries and associated
companies in the period January – June 2014 32
1.3. Selected explanatory notes to the financial statements of the Sava Group in accordance with 34
International Financial Reporting Standards as adopted by the EU
1.4. Statement of Management Responsibility for the Sava Group 40
2. Financial statements of Sava d.d. with notes in accordance with Slovene Accounting Standards .... 42 2.1. Financial statements of Sava d.d. with notes in accordance with Slovene Accounting Standards 42
2.2. Notes to the financial statements of Sava d.d. 53
2.3. Financial risk management for Sava d.d 59
2.4. Breakdown and notes to the financial statements of Sava d.d. 61
2.5. Other disclosures 73
2.6. Statement of Management Responsibility for Sava d.d. 81
CONTACT ................................................................................................... 82
Table of contents
2
3
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● INTRODUCTIONintroductionSummary of business
operations of the Sava Group and Sava d.d. in the first half of 2014
1
In view of further unfavourable economic circumstances, the Sava Group and Sava d.d. conducted business
in accordance with the plan.
In the first half of 2014, the companies of the Sava Group made sales revenues of €28.4 million, which was
by 1% less than in the same period last year and by 1% below the planned revenues. At the end of the first
half-year, the operating loss of the Sava Group companies amounted to €1.1 million and was significantly
lower than last year as well as lower than planned for the period, which was due to business optimisation.
A net loss of €6.0 million was made, of which the season-related loss in the companies of Tourism amounted
to €1.4 million, while a loss of €4.5 million was due to Sava d.d., where the key cost refers to interest ex-
penses and a reversal of deferred tax receivables. With regard to the end of 2013, the assets and liabilities
structure of the Sava Group did not change significantly.
Owing to the development of new products and searching for new markets, the companies of Tourism, which
generated the majority of Group’s revenues, increased their sales with regard to the same period last year
and lagged only slightly behind the planned dynamics and that despite of the aggravated conditions in the
market. Due to further business optimisations, they reduced their operating loss by €1.2 million if compared
to the same period last year and the planned loss by €0.8 million. A minimum operating loss is mainly due
to less favourable months for doing business in tourism in the first half of the year.
In the period January – June 2014, Sava d.d. made a net loss of €4.5 million. Further business optimisa-
tions resulted in operating expenses of €1.5 million, which was by half below the last year’s result and lower
than planned. In addition to interest expenses and a reversal of deferred tax receivables, the critical reason
for a negative result lies in impairments of financial investments associated with the movement in the stock
exchange market. With regard to the end of 2013, the assets and liabilities structure of Sava d.d. did not
change significantly.
At the 20th Shareholders’ Meeting held on 29 April 2014, a resolution on reducing the share capital accord-
ing to a simplified procedure was adopted. In terms of its substance, the share capital reduction of €11.4
million represents covering of total retained loss. After the procedure, the value of share capital thus stands
at €14.1 million.
The Management Board of Sava d.d. has already begun the procedures for the preparation of a revised
business and financial restructuring strategy; like the current strategy, also the revised strategy will focus
on adequate restructuring of financial liabilities, further consolidation of financial assets and improvement in
operative business at all levels of operation.
4
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● INTRODUCTION
2 Significant data and indicators
Sava Group according to International Financial Reporting Standards 2010 2011 2012 2013
JAN - JUN 2013
JAN - JUN 2014
CONSOLIDATED INCOME STATEMENT
Sales 176.7 193.8 192.2 67.2 29.9 28.4
Pre-tax profit /loss -105.1 -169.1 -93.4 -45.7 -5.3 -4.8
Net profit / loss -99.9 -157.2 -99.3 -55.6 -6.0 -6.0
EBITDA 20.9 19.8 24.0 9.6 0.9 2.9
31 Dec. 2010 31 Dec. 2011 31 Dec. 2012 31 Dec. 2013 30 Jun. 2013 30 Jun. 2014
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Balance sheet total 760.8 611.3 480.9 326.2 387.0 325.7
Long-term assets 643.2 491.8 349.9 290.6 345.8 292.7
Short-term assets 117.6 119.5 131.0 35.6 41.2 33.0
Equity capital 323.3 165.8 67.3 16.2 60.4 16.8
Long-term liabilities 232.8 81.4 70.2 66.2 81.2 64.3
Short-term liabilities 204.7 364.1 343.4 243.8 245.4 244.6
Investments in property, plant and equipment
6.4 6.3 5.9 5.5 2.0 2.1
INDICATORS
Net earnings / loss per share - € -50.0 -78.7 -49.7 -27.8 -3.0 -3.0
Equity / balance sheet total - % 42 27 14 5 16 5
Liquidity (short-term assets / short-term liabilities) -% 57 33 38 15 17 14
SHARE
Book value - € 161.1 82.2 32.9 7.5 29.7 7.9
Market value - € 89.5 12.0 3.4 0.2 3.0 0.7
Dividend paid per share - € 3.2 0.0 0.0 0.0 0.0 0.0
NUMBER OF EMPLOYEES
Status on the last day of period 2,286 2,256 2,107 973 1,210 1,004
(€ in millions)
1
5
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● INTRODUCTION
Overview of major events and achievements
the Livada Prestige hotel in Moravske Toplice. With a 99% majority of the capital present, the share-holders motion all the resolutions proposed in the Call by the Management Board and Supervisory Board of Sava d.d. Neither counter proposals nor announced challenging actions take place at the
Shareholders’ Meeting.
MAY● By entering the resolution from the Share-
holders’ Meeting in the court register, the share capital of Sava d.d. reduces from the amount of €25,441,851.48 to the amount of €14,060,594.51. The reduction is carried out with the unchanged number of shares, after which the attributable amount of each share in the share capital after its reduction amounts to €7.006.
● At the 12th regular Supervisory Board meeting of Sava d.d., the Chairman of the Supervisory Board, Aleš Skok, resigns from the Chairman and member of the Supervisory Board position
due to his leaving abroad.
JUNE● Sava d.d. receives purchase consideration total-
ling €2,478 thousand for selling 4,766 shares
of Helios d.d.
3.2 Events and achievements after the accounting period
JULY● At its 13th meeting, the Supervisory Board of
Sava d.d. appoints Miran Kraševec as the new Chairman and Robert Ličen, MSc, as the Deputy Chairman of the Supervisory Board. The Super-visory Board further becomes acquainted with appointing Jasmina Kovačič as a member of the Supervisory Board – employee representative of
Sava d.d.
3.1 Events and achievements in the period January – June 2014
JANUARY ● As one of the Supervisory Board members of
Gorenjska banka d.d., Andrej Andoljšek tem-porarily takes over managing of this associated company of Sava d.d. For the time of his ab-sence, the Supervisory Board of Sava d.d. ap-points Aleš Aberšek from among its members as a Management Board member of Sava d.d.
● Gorenjska banka d.d. submits a restructuring plan and prepares measures for covering a potential capital shortfall, which – as shown by the December stress tests – could appear in the event of extreme circumstances or an unfavour-able macroeconomic scenario.
● Health centres at Sava Hotels & Resorts destina-tions are restructured; in doing so, Sava Turizem d.d. implements strategic activities aimed at up-
grading its healthcare business.
FEBRUARY ● As capital increase through non-cash contribu-
tions failed, a simplified compulsory settlement procedure begins in the associated company NFD Holding d.d.
● Sava Turizem d.d. finalises the acquisition of the Ljubljana-based company Cardial d.o.o., thereby becoming an 85% owner of this modern
specialist outpatients clinic.
MARCH● The Supervisory Board of Sava d.d. deals with
and adopts the audited annual reports of the
Sava Group and Sava d.d. for 2013.
APRIL● On 29 April 2014, the 20th regular Shareholders’
Meeting of the joint stock company Sava is held in
3
6
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● INTRODUCTION
Presentation of the Sava Group
4.1 Sava d.d.
Profile of the company Sava d.d.
Company name: Sava, družba za upravljanje in financiranje, d. d.
Head office: Dunajska cesta 152, 1000 Ljubljana, Slovenia
Telephone: +386 4 206 55 10
Telefax: +386 4 206 64 46
E-mail: [email protected]
Homepage: www.sava.si
Registration number: 5111358
VAT-ID No.: SI75105284
Court registry date: 26 April 1996
Activity code: 64.200 – holding companies
Share capital €14,060,594.51
No. of shares 2,006,987 ordinary no-par value shares
Share listing: Ljubljana Stock Exchange d.d., stock exchange listing
Share designation: SAVA
The major business lines of Sava d.d.:
● Managing companies, in which the company has a majority or significant ownership stake.
● Forming and managing professional services of Sava d.d.
● Acquiring and selling securities and other ownership stakes.
● Managing portfolio investments.
● Implementing financial engineering tasks.
● Formation of subsidiaries and companies, and take-overs of ownership stakes in Slovenia
and abroad.
● Leasing of real estate.
● Business consulting services.
● All other commercial business that directly or indirectly contributes to achieving the goals
of the company and involves the purchase and sale of real estate.
● Joining in commercial interest associations and concluding commercial contracts of all types.
43
7
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● INTRODUCTION
Sava d.d. is the management centre of the Sava Group. The management team of Sava d.d. is re-sponsible for managing the investment portfolio and the strategic supervision over the Group, while the management teams in the subsidiaries are re-sponsible for operative business in the subsidiaries.
The role of the Sava Group’s Directorate is to en-sure management and strategic supervision over in-
dividual Group’s companies, enforce Sava Group’s policies and to manage and supervise other com-panies, in which Sava d.d. holds equity investments.
Professional services provide the platform for a de-cision-making process by the Management Board and report to the Management Board on the imple-mentation of policies and decisions adopted by the Management Board.
4.2. Sava GroupThe Sava Group operates three divisions: Investment Finance, Tourism and Other Operations. The key divisions
for the future development of the Sava Group are Tourism and Investment Finance. As at 30 June 2014, the
Group consisted of 10 companies: the parent company Sava d.d. and 9 subsidiaries – sub-subsidiaries.
INVESTMENT FINANCE
This operation is carried out within the company Sava d.d. Its main tasks are to optimise the value of indi-vidual investments, provide support in financing Sa-va’s divisions and take care of the assets of the Sava Group. The major financial investment of Sava d.d. is the one in the banking sector: a 44.07% sharehold-ing in the associated company Gorenjska banka d.d. that in the future might take a role in the consolidation
processes of the Slovene banking sector.
TOURISM
The core of the division is the daughter company
Sava Turizem d.d., which is the largest tourist ser-
vices provider in Slovenia. Under the brand name of
Sava Hotels & Resorts operating on six destinations
– Sava Hoteli Bled, Terme 3000 - Moravske Toplice, Terme Ptuj, Health Resort Radenci, Terme Lendava and Terme Banovci – the division offers premium health and wellness services, activity holidays all year round, as well as a creative and stimulating environ-
ment for organising diverse events and conferences.
OTHER OPERATIONS
This division includes the subsidiaries, which prior to adoption of the restructuring strategy of the Sava Group in September 2011, formed the then other operations in addition to Tourism and Investment Finance, and which after an extensive divesting and restructuring process still remain incorporated in
the Sava Group.
Management Board of Sava d.d.
andSava Group’s Directorate
Finance Kontroling
Notranjarevizija
Pravnapisarna
Računovodstvo, načrtovanje in analize
Korporativnokomuniciranje
Finance Controlling
Internal Audit
Legal Office
Accounting, Plan &
Analysis
Corporate Communications
Organisational scheme of Sava d.d.
8
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● INTRODUCTION
Managing and governing bodies
Management Board of Sava d.d.:● Matej Narat,
President of the Management Board
● Aleš Aberšek,
Member of the Management Board
Andrej Andoljšek was a Management Board mem-
ber until 27 January 2014.
On 28 January 2014, Aleš Aberšek was appoint-
ed a temporary Management Board member; his
temporary term of office expired on 17 July 2014,
on which date he was appointed as a Manage-
ment Board member with the term of office until 31
March 2016.
Supervisory Board of Sava d.d.:
SHAREHOLDER REPRESENTATIVES
● Miran Kraševec, Chairman
● Robert Ličen, MSc, Deputy Chairman
● Roman Ambrož
● Miro Medvešek
● Rok Ponikvar
EMPLOYEE REPRESENTATIVES
● Jasmina Kovačič
● Lučka Pogačnik
● Gregor Rovanšek
Aleš Skok was Chairman of the Supervisory Board
until 16 May 2014 when he resigned from the posi-
tion of Chairman and member of the Supervisory
Board due to his leaving abroad. On 17 July 2014,
Miran Kraševec was appointed as the Chairman of
the Supervisory Board and Robert Ličen, MSc, as
the Deputy Chairman of the Supervisory Board. On
15 July 2014, Workers’ Council appointed Jasmi-
na Kovačič as the new member of the Supervisory
Board – employee representative of Sava d.d.
5
9
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
1The Sava share and ownership structure
In the first half of 2014, the Sava share value moved between €1.6 and €0.2. At the end of this June, the average price per share amounted to €0.7 and compared to the end of 2013, it grew by €0.4.
Movement of the Sava share The range of value, within which the Sava share
moved, reached the highest point at €1.6 and the
lowest point at €0.2. In the first half of 2014, a
gradual recovery of domestic economy is observ-
able and, as a result, investor confidence in the do-
mestic capital market increased. In the first half of
2014, liquidity of the Slovene capital market thus
increased by 61.7% with regard to the comparable
last year’s period.
Market capitalisationAt the end of the first half of 2014, the market capi-
talisation of Sava shares amounted to €1.3 million,
which was higher than at the end of 2013. The mar-
ket capitalisation of all shares in the Ljubljana Stock
Exchange amounted to €6.5 billion and compared to
the end of 2013 it rose by 26.7%.
Movement of the Sava share price from the beginning of July 2013 to the end of June 2014
Jul13 Aug13 Sep13 Oct13 Nov13Dec13 Jan14 Feb14 Mar14 Apr14 May 14 Jun14
4
3
2
1
0
Share price (€) Turnover (€ in thousands)
Sava turnover
Sava share price
10
5
0
Source: Thomson Reuters Datastream
business analysis
10
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Ownership structureOn 30 June 2014, Sava d.d. had 13,801 share-holders entered in the register book, which ranks it among the larger Slovene listed public joint stock companies. The stock of domestic shareholders amounted to 95.7% and that of foreign sharehold-ers to 4.3%. In comparison with the end of 2013, the stock of foreign shareholders did not change. The majority of foreign shareholders originate from Great Britain, the United States of America, Germany, Austria and Croatia. The proportion of legal entities repre-sented 81.1% and that of private individuals 18.9% of company shareholders. The ten major sharehold-
ers own 64.61% of total company equity.
Ownership structure by category as at 30 June 2014 (%)
18.9 %
Legal entities
Private individuals
Domestic shareholders
Foreign shareholders
95.7 % 81.1 %
4.3 %
10 major shareholders % shareholding No. of shares
Kapitalska družba d.d. 18.71% 375,542SDH d.d.* 11.06% 222,029Finetol d.d. - under receivership 6.87% 137,796Merkur d.d. 6.72% 134,923NFD 1, mixed flexible subfund – South 5.07% 101,702NFD Holding d.d. 4.33% 86,915Probanka d.d. 3.97% 79,582Gorenjska banka d.d. 2.81% 56,475TCK d.o.o. 2.61% 52,459PSL storitve d.d. - under receivership 2.46% 49,351Total 10 major shareholders 64.61% 1,296,774Sava d.d. (treasury shares) 1.52% 30,541Other shareholders 33.87% 679,672Total 100.00% 2,006,987
(*) In accordance with the restructuring of Slovenska odškodninska družba d.d. (SOD d.d.) into the company Slovenski državni holding d.d. (SDH d.d.)
The most recent information on the ownership structure of Sava d.d. is available on the Sava homepage at http://sava.si/Shareholder Reltions.html.
10 major shareholders as at 30 June 2014
Company securitiesTrading with treasury sharesIn the period from the beginning of July 2013 to the end of June 2014, Sava d.d. did not purchase any treasury shares; on 30 June 2014 it thus owned 30,541 treasury shares in the value of €4,977 thou-sand – valued at the average purchase price. This represents 1.52% of total shares. Sava d.d. received another 32,936 Sava shares in pledge, represent-
ing 1.64% of total shares issued.
Management Board and Supervisory Board members who own Sava shares
At the end of the first half of 2014, the members
of the Management Board and Supervisory Board
of Sava d.d. held 138 Sava shares, representing
0.007% of total company’s capital. In comparison
with the end of 2013, the balance did not change.
11
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Management Board members Position
No. of shares 31 Dec. 2013
% shareholding 31 Dec. 2013
No. of shares 30 Jun. 2014
% shareholding 30 Jun. 2014
Matej Narat President 117 0.006% 117 0.006%Aleš Aberšek* Member - - 18 0.001%Total 117 0.006% 135 0.007%
Supervisory Board members Position
No. of shares 31 Dec. 2013
% shareholding 31 Dec. 2013
No. of shares 30 Jun. 2014
% shareholding 30 Jun. 2014
Aleš Aberšek* Member 18 0.001% - -Gregor Rovanšek Member 3 0.000% 3 0.000%Total 21 0.001% 3 0.000%
Total Management and Supervisory Board members
138 0.007% 138 0.007%
(*)He carried out the Supervisory Board member office until 28 January 2014 when he was appointed as a temporary Management Board member. On 17 July 2014, his term in the position of a temporary Management Board member ex-pired in accordance with par. 2 of Article 273 of the Companies Act-1, which is why he was appointed as a Management Board member for the term of office from 17 July 2014 to 31 March 2016.
Key data on the Sava share
2010 2011 2012 2013 1-6 / 2013 1-6 / 2014
No. of shares at period end (No. of shares) 2,006,987 2,006,987 2,006,987 2,006,987 2,006,987 2,006,987Market capitalisation at period end
(€ in million) 179.6 24.1 6.8 0.5 6.0 1.3
Share book value (€) 161.1 82.2 32.9 7.5 29.7 7.9
Share price
- highest (€) 95.0 13.0 5.4 5.4 1.6
- lowest (€) 12.0 3.2 0.1 2.9 0.2
- at period end (€) 89.5 12.0 3.4 0.2 3.0 0.7
Average daily liquidity (€ in thousands) 58.2 5.9 3.4 0.7 1.0 0.5Average daily trading with shares
(No. of shares) 308 133 572 272 234 565
Net earnings per share (€) -78.7 -49.7 -27.9 -3.0 -3.0
Dividend per share (€) 3.2 - - - - -
Share of dividend in net profit (%) - - - - -Total amount of dividends paid
(€ in million) 6.4 - - - - -
Share yield (%) -59.2 -86.6 -71.7 -93.2 -11.8 187.0
- dividend yield (%) 3.6 - - - - -
- capital yield (%) -62.7 -86.6 -71.7 -93.2 -11.8 187.0Price-Earnings ratio (P / E ratio) - highest -1.2 -0.3 -0.2 -1.8 -0.5
- lowest -0.2 -0.1 0.0 -1.0 -0.1
- at period end -0.2 -0.1 0.0 -1.0 -0.2Price-to-Book ratio (P / B ratio)
(%) 56 15 10 3 10 8
Management Board and Supervisory Board members who own Sava shares
12
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Explanations for key data computation for the Sava share:
• Book value of the Sava share: the equity of the Sava Group without minority interest divided with the weighted average number of ordinary shares excluding treasury shares.
• Net earnings per Sava share: the net result belonging to Sava d.d. divided with the weighted average number of ordinary shares excluding treasury shares.
• Share of dividends in net profit: dividend per share divided with net earnings per share
• Dividend yield: dividend per share divided with the Sava share market price on the last trading day of the period.
• Capital yield: relative change in the market price of the Sava share at the end of the period with regard to the share market price at the end of the past year.
• Market capitalisation: multiple of the number of Sava shares and the market price of the share on the last day of the period.
• The Price-Earnings ratio (P/E): share market price on the last day of the period (or the highest and lowest market price in the period) divided with earnings per share.
• The Price-to-Book ratio (P/B): share market price on the last trading day of the period divided with the
share book value at the end of the period.
Further data on the Sava share
Stock Exchange Share name Issuer’s code
Ljubljana Stock Exchange SAVA SAVISIN- International Securities Identification Number SI0031108457
Share book value
The book value of the Sava share as at 30 June
2014 amounted to €7.9. When calculating the
book value, the number of treasury shares is de-
ducted from the total number of shares.
Risk associated with investments in the Sava share
Such risks are due to:
● Factors of systematic risk-taking characteristic
of all securities listed on the Ljubljana Stock Ex-
change d.d. such as changed conditions in the
issuer’s business, changes in tax legislation and
regulations relating to the securities market, and
force majeure.
● Factors of non-systematic risk-taking that are
connected with the operation of each individual
company (investment, interest, solvency and for-
eign exchange risk).
Cross links with other companies
Referring to the criteria defined in the Corporate
Governance Code for Public Joint-Stock Compa-
nies, Sava d.d. was cross-linked at the end of this
first half-year, as follows:
● In Gorenjska banka d.d. it had a 44.07% equity
stake, whereas Gorenjska banka had a 2.81%
equity stake in Sava d.d.
● In the company Merkur d.d. it had a 6.62% eq-
uity stake, whereas Merkur had a 6.72% equity
stake in Sava d.d.
● In the company NFD Holding d.d. it had a
24.65% equity stake, whereas NFD Holding d.d.
had a 4.33% equity stake in Sava d.d.
Approved capital and conditional increase in share capital
The Articles of Association of Sava d.d. do not in-
clude any provisions in this regard.
13
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Business operations of Sava d.d.
2.1. Business operations of Sava d.d.In the period January – June 2014, Sava d.d. ran its business in accordance with the plan. A loss of €4.5
million was made. With regard to the end of 2013, the assets and liabilities structure of Sava d.d. did
not change significantly.
At the 20th Shareholders’ Meeting held on 29 April 2014, a resolution on reducing the share capital
according to a simplified procedure was adopted. The share capital reduction amounted to €11.4 mil-
lion and in terms of its substance, it represents covering the total retained loss. After this procedure, the
value of share capital thus amounts to €14.1 million.
Business performance of Sava d.d.
In the first half-year of 2014, Sava d.d. made a net
loss of €4.5 million, which lies within the planned val-
ues. In the same period last year, the business result
of Sava d.d. was significantly better on account of a
favourable disposal of the Rubber Manufacturing divi-
sion.
The following major business events influenced the
income statement:
● Sales revenues were halved if compared to the
same period last year when in addition to the
Rubber Manufacturing division the trademark
was sold, too.
● Operating expenses totalled €1.5 million; they
were 21% below the dynamically planned ones
and by half lower than last year.
● In the operating expenses structure, labour costs
had a 48% share with €0.7 million, which was
20% below the figure of the same period last
year.
● A profit of €1.3 million was generated at selling
financial investments.
● Impairments of financial investments amounted
to €0.5 million.
● Interests on received loans were accounted for
at the agreed 3% interest rate.
● A reduction in deferred tax receivables totalling
€1.3 million, which aggravated the operating
result, referred to the deferred tax receivables
formed in the past due to impairments of finan-
cial investments sold in the accounting period.
2
14
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
2009 2010 2011 2012 2013JAN - JUN
2013JAN - JUN
2014
Net sales revenues 8.1 8.7 5.5 3.1 1.9 0.9 0.4
Other revenues 0.2 1.6 0.0 0.5 5.3 5.2 0.0
Operating expenses -11.1 -10.6 -9.5 -6.5 -7.3 -3.2 -1.5
Operating profit or loss -2.8 -0.3 -4.0 -2.9 -0.1 2.9 -1.1
Financial result 27.8 -79.2 -167.6 -41.8 -1.5 15.6 -2.2
Pre-tax operating result 25.8 -79.4 -170.7 -44.7 -1.6 18.5 -3.3
Net profit or loss 27.4 -72.9 -156.1 -49.0 -11.4 17.8 -4.5
Overview of significant operations data of Sava d.d. by year (€ in millions)
ACCUMULATED LOSS
At the 20th Shareholders’ Meeting held on 29 April
2014, a resolution on reducing the share capital ac-
cording to a simplified procedure was adopted. As
to its substance, the share capital reduction of €11.4
million to €14.1 million referred to covering the total
retained loss from 2013. On 7 May 2014, the resolu-
tion was entered in the court register.
Net operating profit / loss Jan-Jun 2014 -4.5
Retained loss from previous years 0.0
Accumulated loss as at 30 June 2014 -4.5
Financial result
Financial result
Financial result
Financial result
Financial result
Financial revenues
Financial expenses
Financial result
2009 2010 2011 2012 2013 JAN - JUN 2014
Dividends 20.8 29.3 11.3 8.1 0.1 0.0 0.0 0.0Selling Rubber Manu-facturing with FTN 0.0 0.0 0.0 0.0 23.5 0.0 0.0 0.0
Securities 39.8 0.8 1.6 0.5 0.1 1.3 0.0 1.3Impairments of finan-cial investments -22.7 -95.0 -158.1 -34.5 -19.0 0.0 -0.5 -0.5
Interests -10.1 -12.9 -16.1 -15.8 -7.4 0.4 -3.4 -3.0
Other 0.0 -1.4 -6.3 -0.1 1.2 0.0 0.0 0.0
Total 27.8 -79.2 -167.6 -41.8 -1.5 1.7 -3.9 -2.2
Financial result by type of activities (€ in millions)
2
15
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
JAN-MAR 2014 APR-JUN 2014
1. NET SALES REVENUES 236 205
a) Revenues in domestic market 236 205
To group enterprises 141 110
To associated companies 0 3
To others 95 92
b) Revenues in foreign market 0 0
To group enterprises 0 0
To associated companies 0 0
To others 0 0
2. CHANGE IN THE VALUE OF INVENTORIES OF PRODUCTS AND WORK IN PROGRESS 0 0
3. CAPITALISED OWN PRODUCTS AND SERVICES 0 0
4. OTHER OPERATING REVENUES (with operating revenues from revaluation adjustment) 0 1
5. COST OF MERCHANDISE, MATERIALS AND SERVICES -515 -214
a) Cost of merchandise and material sold and cost of material used -15 -10
b) Cost of services -500 -204
6. LABOUR COST -481 -261
a) Salaries and wages -266 -244
b) Social security cost (pension insurance cost shown separately) -51 -52
Social security cost -21 -23
Pension insurance cost -30 -29
c) Other labour cost -164 35
7. AMORTISATION AND DEPRECIATION EXPENSE, WRITE-OFFS -30 -29
a) Amortisation -30 -29
b) Operating expenses from revaluation of intangible and tangible fixed assets 0 0
c) Operating expenses from revaluation of current assets 0 0
8. OTHER OPERATING EXPENSES -102 102
9. OTHER FINANCIAL REVENUES FROM SHARES 283 1,025
a) Financial revenues from shares in group enterprises 0 0
b) Financial revenues from shares in associated companies 0 0
c) Financial revenues from shares in other entities 283 1,025
č) Financial revenues from other investments 0 0
Income statement of Sava d.d. by quarter in 2014 (€ in thousands)
16
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
JAN-MAR 2014 APR-JUN 2014
10. FINANCIAL REVENUES FROM GRANTED LOANS 194 184
a) Financial revenues from loans granted to group enterprises 73 73
b) Financial revenues from loans granted to other entities 121 112
11. FINANCIAL REVENUES FROM OPERATING RECEIVABLES 14 13
a) Financial revenues from operating receivables due from group enterprises 13 13
b) Financial revenues from operating receivables due from other entities 1 0
12. FINANCIAL EXPENSES FROM IMPAIRMENTS AND WRIT- OFFS IN FINANCIAL INVESTMENTS
-431 -64
13. FINANCIAL EXPENSES FROM FINANCIAL LIABILITIES -1,659 -1,733
a) Financial expenses from borrowings obtained from group enterprises -29 -29
b) Financial expenses from borrowings obtained from banks -1,408 -1,418
c) Financial expenses from issued bonds -196 -198
d) Financial expenses from other financial liabilities -26 -88
14. FINANCIAL EXPENSES FROM OPERATING LIABILITIES 0 0
a) Financial expenses from operating liabilities to group enterprises 0 0
b) Financial expenses from trade payables and bill payables 0 0
c) Financial expenses from other operating liabilities 0 0
15. OTHER REVENUES 0 12
16. OTHER EXPENSES 0 0
17. INCOME TAX 0 0
18. DEFERRED TAX -72 -1,200
19. NET PROFIT/LOSS FOR THE ACCOUNTING PERIOD -2,563 -1,959
Income statement of Sava d.d. by quarter in 2014 (€ in thousands)
17
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Assets and liabilities structure
BALANCE SHEET TOTAL
It amounted to €250.1 million and compared to the
figure at the end of 2013 it was higher by €1.8 mil-
lion.
ASSETS STRUCTURE
No significant changes in the assets structure took
place in the first half of 2014.
The book value of sold financial investments
amounted to €2.9 million. The value of financial
investments grew due to the increased share prices;
the increase totalling €6.7 million showed in equity
revaluation adjustment.
The value of financial investment that Sava d.d. has
in the shares of Gorenjska banka d.d. and which as
at 30 June 2014 represented 34% of the assets, did
not change with regard to the end of the previous
year. It amounted to €588 per share, which is below
the share book value as shown in the bank’s current
financial statements.
Assets structure of Sava d.d. as at 30 June 2014 and a comparison with 31 December 2013 (€ in millions)
0
100
200
300
Property, plant and
equipment, investment property
Long-term financial
investments and assets
for sale
Short-term
financial investments
Other assets
TOTAL ASSETS
2.6 2.6
213.9 216.1
16.016.5 15.8 14.9
248.3 250.1
31 Dec. 2013
30 Jun. 2014
Liabilities structure
No significant changes in the liabilities structure took
place in the first half of 2014.
As at 30 June 2014, the capital had a 7% share in
the balance sheet total, while the portion of uncovered
losses in the share capital amounted to 32%.
At the 20th Shareholders’ Meeting held on 29 April
2014, a resolution on reducing the share capital ac-
cording to a simplified procedure was adopted. As
to its substance, the share capital reduction of €11.4
million to €14.1 million referred to covering the total
retained loss from 2013. On 7 May 2014, the resolu-
tion was entered in the court register.
Sava d.d. regularly settles its financial and operat-
ing liabilities; in the reported period, the major part
of proceeds from selling securities available for sale
totalling €2.5 million was earmarked for repayment
of loans’ principals.
Liabilities structure of Sava d.d. as at 30 June 2014 and a comparison with 31 December 2013 (€ in millions)
0
100
200
300
Capital Long-term
liabilities
Short-term
liabilities
Other liabilities
TOTAL LIABILITIES
15.1 17.30.9 1.1
248.3 250.1
31 Dec. 2013
30 Jun. 2014
0.2 0.8
232.1 230.9
18
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Employee numberAs at 30 June 2014, Sava d.d. employed 18 associ-ates, or 2 associates less than at the end of 2013, as they were reassigned to a company outside of the
Sava Group or left the company.
Financial restructuring of Sava d.d.On 23 July 2013, the Management Board of Sava d.d. effectively completed the process of concluding the Master Restructuring Agreement with the organ-iser, agent and collateral agent of the banks’ consor-tium – Nova Ljubljanska Banka d.d. – and other lend-ing banks. The Agreement refers to restructuring the existing loan obligations of Sava d.d. in the amount of €187.7 million at a 3% interest rate, the effective date of restructuring being 28 February 2013 and the final date 30 November 2014. Signing this Agreement, the lending banks have enabled Sava d.d. to defer pay-ment of the principals under the existing loans. Sava d.d. committed itself to regularly pay 1% interest dur-ing this period, whereas a portion of deferred interest will fall due for payment at the end of the contractual period. Under the financial liabilities restructuring pro-cedure, the equivalent arrangements were made with other financial creditors too.
By signing the Master Restructuring Agreement, the Management Board of Sava d.d. engaged to further consistently implement the envisaged strategy towards divesting the financial assets of the company, reduc-ing costs and improving performance. Based on the public takeover bid published on 28 April 2014, Sava d.d. sold 4,766 shares of Helios d.d. in the first half of 2014, for which it received a consideration of €2,478 thousand. The sum was entirely earmarked for a pre-mature partial repayment of the principals to the lend-ing banks, which was one of the commitments set out in the Master Restructuring Agreement. With regard to the comparable last year’s period, operating ex-penses reduced substantially in the first half of 2014
also due to labour cost cut.
The activities of Sava d.d. in connection with the expiration of the Master Restructuring Agreement in 2014
The Management Board of Sava d.d. has already be-
gun the procedures for the preparation of a revised
business and financial restructuring strategy; like the
current strategy, the revised strategy is founded on an
adequate restructuring of financial liabilities, further
consolidation of financial assets and improvement in
operative business.
19
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
2.2. Business operations of the Sava GroupThe largest divisions of the Sava Group are represented by managing the financial investments of Sava
d.d., its major business being the investment in the banking sector, and the Tourism division.
In the first half of 2014, the companies of the Sava Group made sales revenues of €28.4 million, which
was by 1% less than in the same period last year and by 1% below the planned revenues. A net loss of
€6.0 million was made, of which the season-related loss in Tourism amounted to €1.4 million, while
a loss of €4.5 million was due to Sava d.d. With regard to the end of 2013, the assets and liabilities
structure of the Sava Group did not change significantly.
Business performance
The information on business performance including
the reference analysis for the same period last year
took the current composition of the Sava Group into
consideration. The income statement of the Sava
Group shows the values actually achieved in 2013.
SALES REVENUES
In the first half of 2014, sales revenues of the Sava
Group companies amounted to €28.4 million and
were by 1% below the result achieved in the same
period last year and lagged 1% behind the planned
values.
The performance of the Tourism division is still af-
fected by the unfavourable economic circumstanc-
es. The new trends in tourist demand show that the
number of individual guests decreases while their
spending reduces too. The sales and cost policies
were adapted to the new trends, which is why Tour-
ism intensifies its presence in various trade shows,
develops new products in health tourism and intro-
duces a more aggressive price policy in the mar-
ket. In the first half of 2014, Tourism generated
sales revenues of €28.0 million, which was a 2%
improvement on the same period last year and 1%
below the planned revenues for the period.
The companies of Other Operations, which consist
of real estate companies, an energy management
company and two smaller service providing com-
panies, generated sales revenues of €0.2 million
and had no significant impact on the total volume
of Sava Group’s sales.
Sales revenues of the Sava Group from 2009 to June 2014 (€ in millions)
0
50
100
150
200
250
2009 2010 2011 2012 2013 Jan - Jun2013
192.2
67.2
193.8172.9
28.4
Jan - Jun2014
176.7
29.9
20
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
OPERATING EXPENSES
Operating expenses totalling €30.3 million were
by 2% lower than in the same period last year and
by 2% lower than planned. Cost of goods, materi-
als and services had a 50% share in the expens-
es structure, labour cost a 35%, amortisation and
write-offs a 13% and other operating expenses a
2% share.
NET FINANCIAL EXPENSES
Net financial expenses amounted to €3.7 million and were mainly realised in the controlling com-pany Sava d.d. The sum also includes further im-pairments of financial investments totalling €0.5 million. The Sava Group companies settle their interest liabilities in accordance with the provisions stipulated in the agreements on restructuring the obtained loans.
OPERATING LOSS (EBIT)
At the end of the first half of 2014, the operating loss of the Sava Group companies totalled €1.1 million and was substantially lower than last year and also below the planned loss for the period. It was mainly made in the controlling company Sava d.d., whereas in the companies of other operations the operating
loss was at a minimum.
EBITDA and EBIT in the Sava Group from 2009 to June 2014 (€ in millions)
-10
-5
0
5
10
15
20
25
30 25.5
EBITDA - earnings before interest, taxes, depreciation and amortisation
EBIT - earnings before interest and taxes
2009 2010 2011 2012 2013 Jan - Jun2013
Jan - Jun2014
4.9
20.9
3.0
19.8
-5.0
24.0
9.2 9.6
-7.8 -3.9
0.9
-1.1
2.9
PRE-TAX LOSS
Pre-tax profit / loss structure (€ in millions)
2009 2010 2011 2012 2013 JAN - JUN 2014
Profit / loss from operations less write-offs 9.1 5.5 5.8 10.4 1.5 -0.9
Impairments of assets in profit/loss -35.9 -93.1 -160.3 -85.4 -51.4 -0.7
Financial result without impairments 31.9 -20.1 -25.5 -18.4 4.2 -3.2
Profit / loss of associates without impairments 17.4 2.6 10.9 0 0 0
PRE-TAX PROFIT/LOSS 22.5 -105.1 -169.1 -93.4 -45.7 -4.8
21
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Income statement of the Sava Group by quarter in 2014 (€ in thousands)
JAN - MAR 2014 APR - JUN 2014
Net sales revenues from goods sold and services rendered 11,997 16,398
Change in inventories 0 -15
Other operating revenues 332 504
Operating revenues 12,329 16,887
Cost of goods, materials and services -7,299 -7,831
Labour cost -5,331 -5,354
Depreciation and amortisation -1,915 -1,903
Other write-offs -146 -38
Other operating expense -352 -169
Operating expenses -15,043 -15,295
Operating profit / loss -2,714 1,592
Financial revenues 457 1,199
Financial expenses -2,745 -2,562
Net financial revenues / expenses -2,288 -1,363
Net revenues / expenses of associates 0 0
Pre-tax profit / loss -5,002 229
Income tax -72 -1,200
Net profit/ loss for the year -5,074 -971
NET LOSS
In the period January – June 2014, the Sava Group
made a net loss of €6.0 million, of which season-
related loss in Tourism companies totalled €1.4 mil-
lion, while a loss of €4.5 million was due to Sava
d.d.
Net profit / loss in the Sava Group from 2009 to June 2014 (€ in millions)
-200
-150
-100
-50
0
5023.4
-99.9
-157.2
-55.6
-99.3
-6.0 -6.0
2009 2010 2011 2012 2013 Jan - Jun2013
Jan - Jun2014
22
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
Assets and liabilities structure
BALANCE SHEET TOTAL, ASSETS AND LIABILITIES STRUCTURE
As at 30 June 2014, the balance sheet total of the
Sava Group amounted to €325.7 million and was
by €0.5 million lower than at the end of 2013.
In the assets structure, financial investments had a
38% share, property, plant and equipment a 49%
share, while other assets (inventories, operating re-
ceivables, granted loans, deferred tax receivables
and other) had a 13% share.
Capital had a 5% share in the liabilities structure,
long-term debts a 20% and short-term debts a 75%
share.
ASSETS
No significant changes in the assets structure of the
Sava Group took place in the first half of 2014.
Comparison of the assets structure of the Sava Group as at 30 June 2014 and 31 December 2013 (€ in millions)
0
100
200
300
400
Fixed assets and investment property
Investments in associates
Long-term securities
Other assets
TOTAL ASSETS
31 Dec. 201330 Jun. 2014
31.4 36.5 46.8
161.8 160.2
326.2 325.7
42.7
86.2 86.3
CAPITAL AND LIABILITIES
No significant changes in the liabilities structure of
the Sava Group took place in the first half of 2014.
Comparison of the liabilities structure of the Sava Group as at 30 June 2014 and 31 December 2013 (€ in millions)
0
100
200
300
400
Capital Long-term liabilities
Short-term liabilities
TOTAL CAPITAL AND
LIABILITIES
31 Dec. 201330 Jun. 2014
325.7
243.8 244.6
16.816.2
326.2
66.2 64.3
Investments
In the first half of 2014, a sum of €2.1 million was
earmarked for investments, which were entirely real-
ised in the Tourism division.
Employee number in the Sava Group
As at 30 June 2014, the Sava Group employed
1,004 associates or 31 associates more than
at the end of the previous year. The majority of
employees are employed with the Tourism division.
Financial restructuring of Sava d.d. and Sava Turizem d.d.
The explanations about the financial restructuring
are given in the financial part of the semi-annual
report of the Sava Group, under 1.3.4. Selected
explanatory notes to the business events and transac-
tions in the period January – June 2014, paragraph e).
23
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● BUSINESS ANALYSIS
računovodsko poročilo financial reportSava Group
24
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
1 Financial statements of the Sava Group with the selected explanatory notes in accordance with International Financial Reporting Standards as adopted by the EU
1.1 Consolidated financial statements of the Sava Group in accordance with International Financial Reporting Standards as adopted by the EU
Consolidated statement of financial position (€ in thousands)
30 Jun. 2014 30 Jun. 2013 31 Dec. 2013
ASSETS
Property, plant and equipment 151,896 162,675 153,358
Intangible assets 665 559 405
Investment property 8,276 10,885 8,355
Investments in associates 86,330 116,949 86,217
Long-term securities available for sale 36,534 34,147 31,426
Long-term loans 41 2 41
Deferred tax receivables 8,956 20,555 10,806
Long-term assets 292,698 345,772 290,608
Assets for sale 0 0 0
Inventories 4,200 5,418 4,265
Operating and other receivables 6,945 13,776 5,544
Income tax receivable 0 0 0
Short-term financial investments 0 0 0
Granted loans 21,050 19,391 24,594
Cash and cash equivalent 845 2,656 1,239
Short-term assets 33,040 41,241 35,642
Assets 325,738 387,013 326,250
25
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
30 Jun. 2014 30 Jun. 2013 31 Dec. 2013
EQUITY AND LIABILITIES
Issued capital 14,061 25,442 25,442
Share premium 0 0 0
Reserves 4,977 4,977 4,977
Fair value reserve 7,779 -4,214 1,068
Treasury shares -4,977 -4,977 -4,977
Translation reserve 0 0 0
Retained net profit / loss -6,145 38,083 -11,500
Total equity attributable to equity holders of the parent 15,695 59,311 15,010
Minority interest 1,164 1,139 1,166
Capital 16,859 60,450 16,176
Long-term provisions 3,194 2,808 2,961
Deferred government grants 8,909 9,321 9,068
Obtained long-term loans 52,152 69,062 54,216
Long-term operating liabilities 0 0 0
Deferred tax liabilities 0 0 0
Long-term liabilities 64,255 81,191 66,245
Liabilities for sale 0 0 0
Short-term financial liabilities 223,981 223,100 226,890
Short-term operating liabilities 16,041 16,097 13,055
Short-term costs and accrued revenues 4,602 6,175 3,884
Short-term liabilities 244,624 245,372 243,829
Total liabilities 308,879 326,563 310,074
Total equity and liabilities 325,738 387,013 326,250
26
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
JAN-JUN 2014 JAN-JUN 2013
Revenues from goods sold and services rendered 28,395 29,928
Change in inventories of products and work in progress -15 80
Other operating revenue 836 931
Operating revenue 29,216 30,939
Cost of goods, materials and services -15,130 -16,999
Labour cost -10,685 -12,466
Depreciation and amortisation -3,818 -4,232
Other write-offs -184 -511
Other operating expense -521 -598
Operating expenses -30,339 -34,806
Operating profit / loss -1,123 -3,867
Financial revenues 1,656 10,666
Financial expenses -5,307 -10,978
Net financial revenues/ expenses -3,651 -312
Share in profit of associates 0 0
Share in loss of associates 0 0
Impairments of financial investments in associates 0 -1,078
Net expense from associates 0 -1,078
Pre-tax loss -4,774 -5,257
Tax -1,272 -742
Net loss for the year -6,046 -5,999
Net loss for the year attributable to:
Equity holders of the parent -6,025 -5,986
- arising from a discontinued operation 0 0
Minority interest -21 -13
Net loss for the period -6,046 -5,999
Basic loss per share (€) -3.02 -3.00
Diluted loss per share (€) -3.02 -3.00
Consolidated income statement (€ in thousands)
27
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
JAN-JUN 2014 JAN-JUN 2013
Net loss for the period -6,046 -5,999
Other comprehensive income
- Items not to be reclassified in profit or loss 0 0
- Foreign currency translation differences 0 0
- Net loss for hedging of net investment in foreign currency transactions 0 0
- Deferred tax on revaluation of fixed assets 0 0
- Effective portion of changes in fair value of cash flow hedges 0 0
- Net change of fair value in cash flow hedging to be transferred to profit or loss 0 0
- Change in fair value of available-for-sale financial assets 8,470 -378
- Deferred tax on change in fair value of available-for-sale financial assets -765 3
- Change in fair value of investments in associates transferred to profit or loss 113 0
- Change in fair value of available-for-sale financial assets transferred to profit or loss -1,294 -57
- Deferred tax on change in fair value of available-for-sale financial assets transferred to profit or loss 197 0
- Actuarial gains / losses in pension scheme with retirement benefits 0 0
- Deferred tax on change of fair value in investments in associates -10 0
Other comprehensive income for the period, net of deferred tax 6,711 -432
Total comprehensive income for the period 665 -6,431
Comprehensive income for the period attributable to:
Owners of the company 686 -6,418
Minority interest -21 -13
Total comprehensive income for the period 665 -6,431
Consolidated statement of comprehensive income (€ in thousands)
28
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
JAN-JUN 2014
JAN-JUN 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit / loss -6,046 -5,999Adjustments for:Depreciation of property, plant and equipment 3,676 4,070Depreciation of intangible assets 50 54Depreciation of investment property 92 108Write-off and impairments of property, plant and equipment 0 0Write-off of investments in progress 0 0Impairments of inventories 0 0Impairments of receivables 184 370Write-offs and impairments of intangible assets 0 0Loss in sale of intangible assets 0 0Proceeds in sale of intangible assets 0 0Write-offs and impairments of investment property 0 141Impairment of financial assets 495 1,532Impairments of investments in associates 0 1,078Proceeds from sale of plant, property and equipment 0 0Loss at disposal of property, plant and equipment 0 0Proceeds from sale of investment property 0 -126Loss in sale of investment property 0 0Foreign currency translation difference 0 0Profit in sale of long-term securities -1,294 -73Loss in sale of securities 0 0Loss in sale of associates 0 0Share in profit of associates 0 0Dividends and share in profit received -14 0Share in loss of associates 0 0Foreign exchange difference 0 0Impairment of granted loans 0 0Impairment of loans granted to associates 0 0Proceeds from acquisition of a subsidiary 0 0Interest expense 4,808 9,446Interest revenue -292 -485Income tax liability / receivable 0 0Income from operations prior to change in operating equity and provisions 1,659 10,116Change in long-term receivables 1,850 -1,262Change in short-term receivables -1,412 -18,585Change in inventories 65 -24Change in short-term operating liabilities 741 -3,265Change in long-term operating liabilities 718 0Change in provisions 233 -113Change in government grants -159 -277Acquired cash in operations 3,695 -13,410Paid income tax 0 0Net cash flow from operations 3,695 -13,410
Consolidated cash flow statement (€ in thousands)
29
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
JAN - JUN 2014
JAN - JUN 2013
CASH FLOW FROM INVESTMENT ACTIVITIES
Purchase of property, plant and equipment -2,092 -2,025
Proceeds from sale of property, plant and equipment 0 249
Purchase of intangible assets -69 -48
Proceeds from sale of intangible assets 4 0
Purchase of investment property -13 0
Proceeds from sale of investment property 0 2,300
Proceeds from sale of subsidiaries 0 70,400
Purchase of subsidiaries -350 0
Proceeds from sale of associates 0 0
Proceeds from repaid loans 3,544 3,973
Expenses for granted loans 0 -3,846
Purchase of long-term securities -11 -122
Proceeds from sale of long-term securities 2,878 726
Received dividends of associates 0 0
Other dividends and shares in profit 14 0
Received interests 118 485
Net cash flow from investment activities 4,023 75,649
CASH FLOWS IN FINANCING ACTIVITIES
Increase in capital 0 0
Acquisition of own shares 0 0
Other changes in capital -559 -469
Proceeds from obtained long-term loans 0 0
Expenditures for obtained long-term loans 0 -285
Proceeds from obtained short-term loans 0 0
Expenses for obtained short-term loans -4,973 -53,031
Expenses for dividends of Group's shareholders 0 0
Paid interests -2,580 -6,349
Net cash flow from financing activities -8,112 -60,134
Net increase or decrease in cash and cash equivalents -394 2,105
Cash and cash equivalents at year begin 1,239 551
Cash and cash equivalents from companies for sale 0 0
Cash and cash equivalents at the end of the period 845 2,656
30
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Issued capital
Share premium Reserves
Reserves for own shares
Reserves for fair value of financial assets
Reserves from a change
in the value of financial investments in associated companies
Reserves for fair value of
interest rate swaps
Own shares
Trans- lation
reserve
Net profit/loss for the financial
year
Retained net profit /
loss
Capital attributed to owners
of the controlling
interest
Non-con-trolling interest Total
Balance as at 31 Dec. 2012 83,751 0 0 4,977 1,822 -5,605 0 -4,977 0 -99,181 84,940 65,728 1,568 67,296
Total comprehensive income
Loss for the year 0 0 0 0 0 0 0 0 0 -5,986 0 -5,986 -13 -5,999
Other comprehensive income 0 0 0 0 -432 0 0 0 0 0 0 -432 0 -432
Foreign currency translation differences
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Effective portion of changes in fair values of cash flow hedges - interest rate swaps
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in fair value of availa-ble-for-sale financial assets 0 0 0 -378 0 0 0 0 0 0 -378 0 -378
Deferred tax on change in fair value of available- for-sale financial assets
0 0 0 0 3 0 0 0 0 0 0 3 0 3
Change in fair value of investments in associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in fair value of avai-lable-for-sale financial assets transferred to profit or loss
0 0 0 0 -57 0 0 0 0 0 0 -57 0 -57
Deferred tax on change in fair value of available- for-sale financial assets transferred to profit or loss
0 0 0 0 -282 0 0 0 0 0 0 -282 0 -282
Total comprehensive income 0 0 0 0 -432 0 0 0 0 -5,986 0 -6,418 -13 -6,431
Transactions with owners, recorded directly in equity
Dividend pay-out 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Transfer of net loss of the previous year in the retained net profit
0 0 0 0 0 0 0 0 0 99,181 -99,181 0 0 0
Acquisition of own shares 0 0 0 0 0 0 0 0 0 0 0 0
Decrease in minority interest due to exchange rate change 0 0 0 0 0 0 0 0 0 0 0 0 -416 -416
Decrease in minority interest due to purchase of stakes 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total transactions with owners recorded in capital 0 0 0 0 0 0 0 0 0 99,181 -99,181 0 -416 -416
Changes in capital 0
Covering a loss -58,309 0 0 0 0 0 0 0 0 0 58,309 0 0 0
Formation of reserves for own shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other changes in capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total changes in capital -58,309 0 0 0 0 0 0 0 0 0 58,309 0 0 0
Balance as at 30 Jun. 2013 25,442 0 0 4,977 1,390 -5,605 0 -4,977 0 -5,986 44,069 59,310 1,139 60,450
Consolidated statement of changes in equity (€ in thousands)
31
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Issued capital
Share premium Reserves
Reserves for own shares
Reserves for fair value of financial assets
Reserves from a change
in the value of financial investments in associated companies
Reserves for fair value of
interest rate swaps
Own shares
Translation reserve
Net profit/loss for the financial
year
Retained net profit /
loss
Capital attributed to owners
of the controlling
interest
Non-con-trolling interest Total
Balance as at 31 Dec. 2013 25,442 0 0 4,977 1,068 0 0 -4,977 0 -55,569 44,069 15,010 1,166 16,176
Total comprehensive income
Loss for the year 0 0 0 0 0 0 0 0 0 -6,025 0 -6,025 -21 -6,046
Other comprehensive income 0 0 0 0 6,607 103 0 0 0 0 0 6,710 0 6,710
Items not to be reclassified in profit or loss
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency translation differences
0 0 0 0 0 0 0 0 0 0 0
Effective portion of changes in fair values of cash flow hedges - interest rate swaps
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in fair value of availa-ble-for-sale financial assets 0 0 0 8,469 0 0 0 0 0 0 8,469 0 8,469
Deferred tax on change in fair value of available-for-sale financial assets
0 0 0 0 -765 0 0 0 0 0 -765 0 -765
Change in fair value of invest-ments in associates 0 0 0 0 0 103 0 0 0 0 0 103 0 103
Change in fair value of avai-lable-for-sale financial assets transferred to profit or loss
0 0 0 0 -1,294 0 0 0 0 0 -1,294 0 -1,294
Deferred tax on change in fair value of available-for- sale financial assets transferred to profit or loss
0 0 0 0 197 0 0 0 0 0 197 0 197
Total comprehensive income 0 0 0 0 6,607 103 0 0 0 -6,025 0 685 -21 664
Transactions with owners, recorded directly in equity 0
Transfer of net loss of the previous year in the retained net profit
0 0 0 0 0 0 0 0 0 55,569 -55,569 0 0 0
Acquisition of own shares 0 0 0 0 0 0 0 0 0 0 0 0
Increase in minority interest due to acquisition of companies 0 0 0 0 0 0 0 0 0 0 0 0 19 19
Increase in minority interest due to change in ownership of the company
0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total transactions with owners recorded in capital 0 0 0 0 0 0 0 0 0 55,569 -55,569 0 19 19
Changes in capital 0
Covering a loss -11,381 0 0 0 0 0 0 0 0 0 11,381 0 0 0
Formation of reserves for own shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other changes in capital 0 0 0 0 0 0 0 0 0 0 0 0
Total changes in capital -11,381 0 0 0 0 0 0 0 0 0 11,381 0 0 0
Balance as at 30 Jun. 2014 14,061 0 0 4,977 7,676 103 0 -4,977 0 -6,025 -119 15,695 1,164 16,859
Consolidated statement of changes in equity (€ in thousands)
32
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
1.2 Composition of the Sava Group and data about the operations of subsidiaries in the period January – June 2014
As at 30 June 2014, the Sava Group consisted of 10 companies: the parent company Sava d.d. and 9
subsidiaries. The financial statements of all these companies are included in the consolidated financial state-
ments of the Sava Group. In all companies, the capital and control rights are in accord.
In February 2014, Sava Turizem d.d. acquired an 85% share of Cardial d.o.o. The value of investment
amounted to €350 thousand, the value of company’s capital on the acquisition date amounted to €124
thousand; the remaining - 15% - share represents the company’s own share.
% shareholding 30 Jun. 2014
% shareholding
31 Dec. 2013
Change in % shareholding
in 2014
TOURISM
SAVA TURIZEM d.d., Ljubljana 99.05% 99.05% 0.00%
- Cardial d.o.o., Ljubljana (owned by Sava Turizem d.d.) 85.00% 0.00% 85.00%
- Sava Zdravstvo d.o.o., Ljubljana (owned by Sava Turizem d.d.) 100.00% 100.00% 0.00%
- Sava TMC d.o.o., Ljubljana (owned by Sava Turizem d.d.) 100.00% 100.00% 0.00%
REAL ESTATE
SAVA NEPREMIČNINE d.o.o., Ljubljana 100.00% 100.00% 0.00%
SAVA NOVA d.o.o., Zagreb, Croatia 100.00% 100.00% 0.00%
OTHER OPERATIONS
GIP SAVA KRANJ d.o.o., Ruma, Serbia 100.00% 100.00% 0.00%
ENERGETIKA ČRNOMELJ d.o.o., Ljubljana 50.68% 50.68% 0.00%
SAVA IT d.o.o., Ljubljana 100.00% 100.00% 0.00%
List of companies that besides the parent company Sava d.d. are included in the Sava Group, with a comparison of shareholdings as at 30 June 2014 and 31 December 2013:
% shareholding 30 Jun. 2014
% shareholding
31 Dec. 2013
Change in % shareholding
in 2014
Controlling stake**
30 Jun. 2014
SAVA, d.d., družba za upravljanje in financiranje - as a parent company
- Gorenjska banka d.d., Kranj* 44.07% 44.07% 0.00% 48.82%
- NFD Holding d.d., Ljubljana 24.65% 24.65% 0.00% 24.65%
SAVA TURIZEM d.d. - as a parent company
- Gorenjska banka d.d., Kranj 0.16% 0.16% 0.00% 0.17%
* 34,287 shares of Gorenjska banka d.d., Kranj, are under a fiduciary ownership of Abanka Vipa d.d., Ljubljana. The fiduciary saves them in favour of the holders of SA03 bonds issued by Sava d.d. as collateral for the liabilities arising from the bonds until their maturity, which is on 30 November 2014. Gorenjska banka d.d. is not included in the con-solidated financial statements (amendments to IFRS 10), the reasons being presented in the preceding report.
** The controlling stake is calculated as a ratio between the number of shares owned by Sava d.d. and total number of issued shares of the associated company, less own shares.
List of associates with a comparison of shareholdings as at 30 June 2014 and 31 December 2013
33
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Sales revenues
Jan-Jun 2014
Equity value
30 Jun. 2014
Operating profit/loss
Jan-Jun 2014
TOURISM 28,937 92,794 -1,388SAVA TMC d.o.o., Dunajska cesta 152, 1000 Ljubljana 856 914 347Sava Turizem d.d., Dunajska cesta 152, 1000 Ljubljana 27,596 91,741 -1,742Cardial d.o.o., Zaloška cesta 69, 1000 Ljubljana 484 131 7Sava Zdravstvo d.o.o., Dunajska cesta 152, 1000 Ljubljana 0 7 0REAL ESTATE 4 1,888 -161SAVA NEPREMIČNINE d.o.o., Dunajska cesta 152, 1000 Ljubljana 3 3,721 -2
SAVA NOVA d.o.o., Fra Filipa Grabovca 14, 10000 Zagreb, Croatia 1 -1,833 -159
OTHER OPERATIONS 156 960 -28GIP SAVA KRANJ d.o.o., Industrijski put bb, 22400 Ruma, Serbia 7 6 1Sava IT d.o.o., Dunajska cesta 152, 1000 Ljubljana 0 420 -12
ENERGETIKA ČRNOMELJ d.o.o., Dunajska cesta 152, 1000 Ljubljana 149 534 -18
SUBSIDIARIES TOTAL 29,097 95,641 -1,578
Sales revenues of subsidiaries in the period January – June 2014, capital of subsidiaries as at 30 June 2014 and operating profit/loss of subsidiaries in the period January – June 2014: (€ in thousands):
Sales revenues
Jan-Jun 2013
Equity value
30 Jun. 2013
Operating profit/loss
Jan-Jun 2013
TOURISM 28,232 90,113 -2,785SAVA TMC d.o.o., Dunajska cesta 152, 1000 Ljubljana 774 292 233Sava Turizem d.d., Cankarjeva 6, 4260 Bled 27,458 89,808 -3,018- Sava Golf d.o.o., Dunajska cesta 152, 1000 Ljubljana 0 6 0- Sava Zdravstvo d.o.o., Dunajska cesta 152, 1000 Ljubljana 0 7 0REAL ESTATE 0 5,784 -262SAVA NEPREMIČNINE d.o.o., Dunajska cesta 152, Ljubljana 0 6,293 -147
SAVA NOVA d.o.o., Fra Filipa Grabovca 14, 10000 Zagreb, Croatia 0 -509 -115
OTHER OPERATIONS 2,406 1,394 -208GIP SAVA KRANJ d.o.o., Industrijski put bb, 22400 Ruma, Serbia 0 3 0Sava IT d.o.o., Škofjeloška cesta 6, 4000 Kranj 808 330 -99ENERGETIKA d.o.o., Škofjeloška cesta 6, 4000 Kranj - - -ENERGETIKA ČRNOMELJ d.o.o., Škofjeloška cesta 6, 4000 Kranj 207 580 31ENSA BH d.o.o., Prijeblezi BB, 78429 Srbac, Bosnia and Herzegovina 1,176 632 -136BRAMIR d.o.o., Kralja Petra Krešimira IV, Mostar, Bosnia and Herzegovina 215 -135 -4
SAVA ENSA dooel., Ul Veljko Vlahović br. 16/4, 1000 Skopje, Macedonia 0 -16 0
SUBSIDIARIES TOTAL 30,638 97,291 -3,255
Sales revenues of subsidiaries in the period January – June 2013, capital of subsidiaries as at 30 June 2013 and operating profit/loss of subsidiaries in the period January – June 2013 (€ in thousands):
34
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
1.3 Selected explanatory notes to the financial statements of the Sava Group in accordance with International Financial Reporting Standards as adopted by the EU
1.3.1. The reporting company
The controlling company Sava d.d. is domiciled in
Dunajska cesta 152, 1000 Ljubljana. The consoli-
dated financial statements of the Sava Group, which
include the controlling company Sava d.d., its sub-
sidiaries, and the interests in the associated compa-
nies, have been drawn for the period ending on 30
June 2014.
1.3.2. Basis of preparation
a) Statement of compliance
The consolidated financial statements have been
prepared in accordance with International Financial
Reporting Standards as adopted by the EU, in com-
pliance with the explanations (IFRICs) as adopted
by the International Accounting Standards Board
(IASB), and in accordance with the Companies Act.
The Management Board approved the issue of the
financial statements on 19 August 2014.
b) Basis of measurement
The consolidated financial statements are prepared
on the historical cost basis except for the financial
instruments classified as available for sale and de-
rivative financial instruments that are stated at their
fair values.
c) Functional and presentation currency
The consolidated financial statements are present-
ed in euro, which is the functional currency of the
company. All financial information is presented in
euro, rounded to one thousand units. When add-
ing together, minor differences can appear due to
rounding off.
The Sava Group companies, which have their head
office outside of Slovenia, use the following curren-
cies: HRK, RSD.
1.3.3. Significant accounting policies
The companies in the Sava Group have consistently
applied the determined accounting policies for all
the periods shown in the enclosed consolidated fi-
nancial statements. The accounting policies, which
had been already presented in the annual report of
the Sava Group for 2013, did not change.
However, we further give the information as follows:
BUSINESS COMBINATIONS
In 2014, an 85% share in the company Cardial
d.o.o. was acquired, which now represents a new
subsidiary in the Sava Group.
DRAWING UP A CASH FLOW STATEMENT
The cash flow statement has been prepared taking
into consideration the data from the income state-
ment for the period January – June 2014 (for the
past period January-June 2013), the balance sheet
data as at 30 June 2014 and 31 December 2013
(for the past period 30 June 2013 and 31 Decem-
ber 2012), and other required data. The cash flow
statement excludes the values not connected with
the revenues and expenses.
35
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
1.3.4. Selected explanatory notes to more important business events and transactions in the period January – June 2014
a) Write-offs in inventories, revaluations of
receivables
In the first half of 2014, revaluation adjustments in
receivables totalling €184 thousand were formed
in Tourism.
In the first half of 2013, real property was impaired
in the value of €141 thousand and revaluation ad-
justments in receivables were formed to the amount
of €370 thousand.
b) Losses due to impairments of financial assets
In the first half of 2014, securities available for sale
were impaired in the amount of €495 thousand. In
the reported period, the recognised losses arising
from the impairments of financial investments were
not reversed. The valuation of a financial invest-
ment in the shares of Gorenjska banka d.d., Kranj,
did not change if compared to the one at 31 De-
cember 2013. At the end of the year, the value will
be reviewed.
In the first half of 2013, the following financial as-
sets were impaired:
● Impairments of securities available for sale in
the amount of €1,532 thousand.
● Impairments of investments in the associates in
the amount of €1,078 thousand
The recognised losses arising from impairments of
financial assets were not reversed during this pe-
riod.
c) Reversal of provisions for restructuring
expenses
In the first half of 2014, no reversal of provisions for
restructuring expenses took place.
In the first half of 2013, provisions for severance
pays totalling €57 thousand were used at Sava d.d.
d) Acquisitions and disposals of fixed assets and
investment property
In February 2014, Sava Turizem d.d. acquired an
85% share in Cardial d.o.o. The remaining – 15% -
share is owned by the company. The investment val-
ue totalled €350 thousand, the value of capital on
the acquisition day amounted to €124 thousand;
in financial statements, the difference between the
purchase price and the value of attributable capital
totalling €245 thousand was recognised as good-
will.
In the first half-year, neither fixed assets nor invest-
ment property were disposed, while investments of
€2,105 thousand were mainly realised in Tourism.
In the first half of 2013, Sava d.d. sold land in
the Labore location in Kranj as part of selling the
Rubber Manufacturing division with the Foreign
Trade Network. Sales value amounted to €2,300
thousand, at which a profit of €126 thousand was
generated. The value of investments in this period
amounted to €2,025 thousand.
e) Financial restructuring and the activities in
connection with the expiration of the Master
Restructuring Agreement in 2014
36
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
SAVA D.D.
On 23 July 2013, the Management Board of Sava
d.d. effectively completed the process of conclud-
ing the Master Restructuring Agreement with the
organiser, agent and collateral agent of the banks’
consortium – Nova Ljubljanska Banka d.d. – and
other lending banks. The Agreement refers to re-
structuring the existing loan obligations of Sava
d.d. in the amount of €187.7 million at a 3% in-
terest rate, the effective date of restructuring being
28 February 2013 and the final date 30 November
2014. Signing this Agreement, the lending banks
have enabled Sava d.d. to defer payment of the
principals under the existing loans. Sava d.d. com-
mitted itself to regularly pay 1% interest during this
period, whereas a portion of deferred interest will
fall due for payment at the end of the contractual
period. Under the framework of financial liabilities
restructuring procedure, the equivalent arrange-
ments were made with other financial creditors too.
By signing the Master Restructuring Agreement, the
Management Board of Sava d.d. engaged to fur-
ther consistently implement the envisaged strategy
towards divesting the financial assets of the com-
pany, reducing costs and improving performance.
Based on the public takeover bid, Sava d.d. sold
4,766 shares of Helios d.d. in the first half of 2014,
for which it received a consideration of €2,478
thousand. The sum was entirely earmarked for a
partial premature repayment of the principals to the
lending banks, which is one of the commitments set
out in the Master Restructuring Agreement. With re-
gard to the comparable last year’s period, operat-
ing expenses reduced substantially in the first half of
2014, also due to labour cost cut.
The Management Board of Sava d.d. has already
begun the procedures for the preparation of a re-
vised business and financial restructuring strategy;
similarly to the current strategy, the revised strategy
is based on a suitable restructuring of financial lia-
bilities, further consolidation of financial assets and
improvement in operative business.
SAVA TURIZEM D.D.
On 2 July 2013, the Management Board of Sava
Turizem d.d. signed the agreement on restructur-
ing financial liabilities with the lending banks. One
of the lending banks did not join the agreement,
however, it made an annex to the loan agreement
with Sava Turizem d.d., which stipulates the condi-
tions that equal the conditions from the restructur-
ing agreement made with the lending banks. Under
the agreement, the existing loan obligations of Sava
Turizem d.d. of €49.7 million were restructured, the
interest rate being 3m EURIBOR + 5%, the effective
date being 2 July 2013 and the final date 2 August
2018. In the light of uniform conditions for restruc-
turing of financial liabilities, the company regularly
settles all of its liabilities arising from the principals
and interests to the lending banks.
f) Denationalisation procedures in
Sava Turizem d.d.
● Denationalisation claim Höhn - Šarič
Zdravilišče Radenci d.o.o. is one of the parties in
the Höhn-Šarič denationalisation procedure. The
applicants of the denationalisation claim require a
part of the property within the health resort to be
returned. Based on the proposal for issuance of
a temporary order, the property which is subject of
the procedure, was separated out from the owner-
ship restructuring of the company until the dena-
tionalisation procedure is finished, therefore Sava
Turizem d.d. keeps this property under off-balance.
In 2012, the Administrative unit Gornja Radgona
issued a denationalisation order for the national-
ised company Zdravilišče Slatina Radenci, Hoehn in
Comp., public trading company in Radenci, based
on which the request for denationalisation of the
nationalised company Kuranstalt Sauberbrun Ra-
dein Aktiengesellschaft with a 48 % share owned
by Wilhemina Hoehn Šarič was rejected. The party
filing the denationalisation request filed an appeal
through the proxy, which the competent Ministry
rejected and confirmed the decision made by the
37
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
first-instance administrative body. The parties filing
the request appealed against the decision by the
second-instance body, the issue is still pending at
the administrative court. On 12 June 2014, the
Administrative unit Gronja Radgona, issued a Re-
port on the Established Legal and Actual Status of
the Subject Matter and proposed the denationalisa-
tion claim also as regard a 48% share owned by
Ante Šarič to be rejected. A decision by the first-in-
stance administrative body is expected to be issued.
At the Novo mesto District Court, a non-contentious
proceedings on returning the seized assets in ac-
cordance with Article 145 ZIKS is in progress, at
which the parties filing the request demand a 48%
share of the assets claimed to be seized from Dr
Ante Šarič. On 19 June 2013, the first-instance
court issued a decision, based on which it reject-
ed a proposal for returning the seized assets. The
first-instance court order is final (order by the Lju-
bljana Higher Court of 19 March 2014). An ap-
peal for extraordinary judicial review was lodged
with the Supreme Court of the Republic of Slove-
nia, which has not yet decided about the matter.
Due to the complexity of legal and actual issues,
the outcome of denationalisation procedure cannot
be predicted in this phase, which is why any future
liabilities of the company arising thereof cannot be
estimated.
In years past, the company Sava Turizem d.d.
entirely renovated one of its facilities, which is
subject to a denationalisation procedure. This
facility was excluded from the ownership restruc-
turing until the completion of the denationalisa-
tion procedure. The company management es-
timates that once the procedure is completed, it
will repurchase the remaining part of the property.
● Denationalisation claim – Dermastja
The subject of the denationalisation claim is a one-
third stake in the old Park hotel. The request for a
temporary order was filed in after the term expira-
tion, therefore a temporary order was not issued,
and the administrative body decided that claimants
were not entitled to returning the ownership stake
in kind. The claimant, and claimants who subse-
quently entered a dispute, filed in a lawsuit against
the resolution concerning the privatisation at the
Administrative Court, which rejected it. The lawsuit
was then filed at the Supreme Court, which has
not yet made a decision regarding this matter. The
Management Board of the company estimates that
the claimants will fail in their litigation procedure.
g) Other explanations
As at 30 June 2014:
● No unsettled significant obligations commit-ments for purchase of fixed assets existed.
● No option contracts were made.
● No significant changes took place as regards the course of existing court proceedings other than the explained denationalisation procedures.
● No retroactive corrections of mistakes were made.
● No extraordinary transactions between the re-lated companies took place.
● No transfers between the levels of fair value hi-erarchies used in measuring the fair value of fi-nancial instruments took place.
● No other reclassification of financial assets due to the changed purpose or use of these assets were made.
● No significant changes in contingent liabilities appeared.
● The key information by segment is given under
1.2 of the financial report for the Sava Group.
38
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
1.3.5. Other disclosures
a) Disclosing fair value of financial instruments
Disclosing fair value of financial instruments (€ in thousands)
30 Jun. 2014 31 Dec. 2013 30 Jun. 2014 31 Dec. 2013
Book value Fair value Book value Fair value
Securities available for sale 36,534 36,534 31,426 31,426
Assets for sale 0 0 0 0
Long-term receivables – financial leasing 0 0 0 0
Other long-term receivables 39 39 39 39
Short-term receivables 6,945 6,945 5,544 5,544
Derivative financial instruments – interest rate swaps 0 0 0 0
Granted loans 21,050 21,050 24,594 24,594
Cash and cash equivalents 845 845 1,239 1,239
Long-term loans at fixed interest rate -11 -11 -16 -16
Issued bonds at fixed interest rate -26,515 -2,439 -26,515 -5,303
Long-term loans at variable interest rate -52,141 -52,141 -54,200 -54,200
Liabilities for sale 0 0 0 0
Long-term operating liabilities 0 0 0 0
Short-term loans -221,871 -221,871 -224,146 -224,146
Derivative financial instruments – interest rate swaps
-1,401 -1,401 -2,034 -2,034
Liabilities for dividends -709 -709 -710 -710
Short-term operating liabilities -16,041 -16,041 -13,055 -13,055
b) Classification of financial instruments with regard to their fair value computation
In terms of hierarchy, financial instruments valued at fair value are classified in three levels:
● Level 1: assets or liabilities at stock exchange price as at 30 June.
● Level 2: assets or liabilities that are not classified as Level 1, their value being determined directly or
indirectly based on the market data.
● Level 3: assets or liabilities whose value cannot be acquired from the market data.
Classification of financial instruments with regard to their fair value computation (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Securities available for sale 36,543 1,306 31,499 3,729 31,426 3,604 23,999 3,823
Derivative financial instruments - assets 0 0 0 0 0 0 0 0
Derivative financial instruments - liabilities -1,401 0 -1,401 0 -2,034 0 -2,034 0
Total 35,133 1,306 30,098 3,729 29,392 3,604 21,965 3,823
39
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
c) Explanations to the individual components and various explanations regarding the capital of the
Sava Group
Based on the resolution from the Shareholders’ Meeting of Sava d.d., a decision on a simplified share capital
reduction was entered in the court register on 7 May 2014; the capital reduced by €11,381 thousand , which
in terms of substance represented covering of the past losses of Sava d.d.
30 Jun. 2014 31 Dec. 2013
Structure of retained net profit / net loss
Retained profit from previous years – balance at 1 Jan. -11,500 -14,241
Decrease by paid dividends of Sava d.d. 0 0
Net operating profit/loss of the accounting period attributable to Sava d.d. -6,025 -55,569
Covering the loss of Sava d.d. according to a simplified share capital reduction procedure
-6,025 -55,569
Retained net profit / net loss -6,145 -11,500
DIVIDENDS
Like in 2013, also in 2014 no dividends were paid.
NET EARNINGS PER SHARE
Share capital is divided in 2,006,987 ordinary
nominal no-par value shares, which all have voting
rights and are freely transferrable. All shares are
paid-in to the full amount. The company has no
bonds to be converted into shares.
Weighted average number of ordinary shares
30 Jun. 2014 31 Dec. 2013
No. of total shares 2,006,987 2,006,987
Own shares -30,541 -30,541
Weighted average number of shares 1,995,423 1,995,423
Net loss attributable to ordinary shares
JAN-JUN 2014 JAN-JUN 2013
Net profit/loss for the accounting period (€ in thousands) -6,046 -5,999
Net profit /loss for the accounting period attributable to the owners of the parent (€ in thousands) -6,025 -5,986
Weighted average number of ordinary shares 1,995,423 1,995,423
Basic net loss per share (€) -3.02 -3.00
The diluted net loss per share equals the basic net loss per share, since capital is composed of ordinary
shares only.
40
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
1.3.6. Events after the balance sheet date
The events that took place after the balance sheet
date are described in the business part of the semi-
annual report. None of these events requires ad-
justments in the consolidated financial statements.
1.4 Statement of Management Responsibility for the Sava Group
The Management Board confirms the consolidated
financial statements of the Sava Group for the pe-
riod ending on 30 June 2014.
The Management Board confirms that when draw-
ing up the consolidated financial statements the
corresponding accounting policies were consistent-
ly applied and the consolidated report gives a true
and fair view of the company’s assets and operat-
ing results for the first half of 2014.
The Management Board is further responsible for
the proper managing of its accounting procedures,
establishing, operation and maintaining of inter-
nal control in relation to the preparation and fair
presentation of the financial statements, which do
not contain any material misstatements originating
from fraud or error, and for adopting suitable meas-
ures to secure assets and other funds. The Man-
agement Board confirms herewith that the financial
statements and the selected explanatory notes have
been produced on the assumption of going concern
for the companies within the Group and in compli-
ance with the relevant legislation and International
Financial Reporting Standards as adopted by the
European Union.
Matej Narat
President of the Management Board
Aleš Aberšek
Member of the Management Board
Ljubljana, 19 August 2014
41
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
financial reportSava d.d.
42
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2 Financial statements of Sava d.d. with notes in accordance with Slovene Accounting Standards
2.1 Financial statements of Sava d.d. in accordance with Slovene Accounting Standards
Balance sheet of Sava d.d. as at 30 June 2014 (€ in thousands)
Notes 30 Jun. 2014 31 Dec. 2013
ASSETS
A. FIXED ASSETS 228,306 227,374
I. INTANGIBLE FIXED ASSETS AND LONG-TERM DEFERRED COSTS AND ACCRUED REVENUES
2.4.1. 23 25
1. Long-term industrial property rights 23 25
2. Goodwill 0 0
3. Advances for intangible fixed assets 0 0
4. Long-term deferred development costs 0 0
5. Other long-term deferred costs and accrued revenues 0 0
II. TANGIBLE FIXED ASSETS 2.4.2. 213 244
1. Land and buildings 0 0
a) Land 0 0
b) Buildings 0 0
2. Plant and machinery 139 159
3. Other equipment 74 85
4. Tangible fixed assets under construction 0 0
a) Tangible fixed assets under construction and manufacture 0 0
b) Advances for tangible fixed assets 0 0
III. INVESTMENT PROPERTY 2.4.3. 2,331 2,362
1. Leased to subsidiaries 0 0
2. Leased to other companies 1,827 1,858
3. Not leased 504 504
IV. LONG-TERM FINANCIAL INVESTMENTS 2.4.4. 216,136 213,869
1. Long-term financial investments except loans 215,713 210,492
a) Shares and stakes in Group companies 93,234 93,234
b) Shares and stakes in associates 86,028 85,915
c) Other shares and stakes 36,451 31,343
č) Other long-term financial investments 0 0
2. Long-term loans 423 3,377
a) Long-term loans to Group companies 423 3,377
b) Long-term loans to other entities 0 0
c) Long-term unpaid called-up capital 0 0
43
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Notes 30 Jun. 2014 31 Dec. 2013
V. LONG-TERM OPERATING RECEIVABLES 2.4.5. 0 0
1. Long-term operating receivables to Group companies 0 0
2. Long-term operating trade receivables 0 0
3. Long-term receivables to other entities 0 0
VI. DEFERRED TAX RECEIVABLES 2.4.6., 2.4.28 9,602 10,874
B. SHORT-TERM ASSETS 21,759 20,886
I. ASSETS (GROUPS FOR DISPOSAL) FOR SALE 0 0
II. INVENTORIES 0 0
1. Material 0 0
2. Work in process 0 0
3. Products and merchandise 0 0
4. Advances for inventories 0 0
III. SHORT-TERM FINANCIAL INVESTMENTS 2.4.7. 16,531 16,010
1. Short-term financial investments except loans 0 0
a) Shares and stakes in Group companies 0 0
b) Other shares and stakes 0 0
c) Other short-term financial investments 0 0
2. Short-term loans 16,531 16,010
a) Short-term loans to Group companies 4,284 1,356
b) Short-term loans to other entities 12,247 14,654
c) Short-term unpaid called-up capital 0 0
IV. SHORT-TERM OPERATING RECEIVABLES 2.4.8. 5,127 4,649
1. Short-term operating liabilities to Group companies 3,428 3,207
2. Short-term trade receivables 74 60
3. Short-term operating receivables to other entities 1,625 1,382
V. CASH 2.4.9. 101 227
1. Cash on hand and accounts 101 227
2. Short-term deposits 0 0
a) Short-term deposits in subsidiaries 0 0
b) Short-term deposits in associates 0 0
c) Short-term deposits in other entities 0 0
C. SHORT-TERM DEFERRED COSTS AND ACCRUED REVENUES 4 57
ASSETS TOTAL 250,069 248,317
44
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Notes 30 Jun. 2014 31 Dec. 2013
LIABILITIES
A. CAPITAL 2.4.10. 17,305 15,117
CALLED-UP CAPITAL 14,061 25,442
1. Share capital 14,061 25,442
2. Uncalled capital (as a deductible item) 0 0
II. CAPITAL RESERVES 0 0
III. REVENUE RESERVES 0 0
1. Legal reserves 0 0
2. Reserves for treasury shares and own business stakes 4,977 4,977
3. Treasury shares and own business shares (as a deductible item) -4,977 -4,977
4. Statutory reserves 0 0
5. Other revenue reserves 0 0
IV. REVALUATION RESERVE 7,767 1,056
- From tangible fixed assets 0 0
- From intangible fixed assets 0 0
- From long-term financial investments 7,767 1,056
- From short-term financial investments 0 0
V. RETAINED NET PROFIT OR LOSS FROM PREVIOUS PERIODS 0 0
VI. NET PROFIT OR LOSS FOR THE FINANCIAL YEAR -4,522 -11,381
B. PROVISIONS AND LONG-TERM ACCRUED COSTS AND DEFERRED REVENUES
2.4.12. 116 117
1. Provisions for pensions and similar liabilities 116 117
2. Other provisions 0 0
3. Long-term accrued costs and deferred revenues 0 0
45
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Notes 30 Jun. 2014 31 Dec. 2013
C. LONG-TERM LIABILITIES 2.4.14. 805 231
I. LONG-TERM FINANCIAL LIABILITIES 11 15
1. Long-term financial liabilities to Group companies 0 0
2. Long-term financial liabilities to banks 0 0
3. Long-term financial liabilities arising from bonds 0 0
4. Other long-term financial liabilities 11 15
II. LONG-TERM OPERATING LIABILITIES 0 0
1. Long-term operating liabilities to Group companies 0 0
2. Long-term trade payables 0 0
3. Long-term bills payables 0 0
4. Long-term operating liabilities arising from advances 0 0
5. Other long-term operating liabilities 0 0
III. DEFERRED TAX LIABILITIES 2.4.28. 794 216
Č. SHORT-TERM LIABILITIES 2.4.15. 230,876 232,145
I. LIABILITIES INCLUDED IN GROUPS FOR DISPOSAL 0 0
II. SHORT-TERM FINANCIAL LIABILITIES 223,684 226,796
1. Short-term financial liabilities to Group companies 3,835 3,835
2. Short-term financial liabilities to banks 185,224 187,702
3. Short-term liabilities arising from bonds 26,515 26,515
4. Other short-term financial liabilities 8,110 8,744
III. SHORT-TERM OPERATING LIABILITIES 7,192 5,349
1. Short-term operating liabilities to Group companies 139 99
2. Short-term trade payables 83 137
3. Short-term bills payables 0 0
4. Short-term operating liabilities arising from advances 49 30
5. Other short-term operating liabilities 6,921 5,083
D. SHORT-TERM ACCRUED COSTS AND DEFERRED REVENUES 2.4.16. 966 707
TOTAL LIABILITIES 250,069 248,317
The notes form an integral part of the financial statements and should be read in conjunction with the finan-
cial statements.
46
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
NotesJAN-JUN
2014JAN-JUN
2013
1. NET SALES REVENUES 2.4.17. 441 927
a) Revenues in domestic market 441 533
To Group companies 251 347 To associated companies 3 0 To others 187 186
b) Revenues in foreign market 0 393
To Group companies 0 16 To associated companies 0 0 To others 0 3772. CHANGE IN THE VALUE OF INVENTORIES OF PRODUCTS
AND WORK IN PROGRESS 0 0
3. CAPITALISED OWN PRODUCTS AND SERVICES 0 0
4. OTHER OPERATING REVENUES (with operating revenues from revaluation adjustment)
2.4.18. 1 5,210
5. COST OF MERCHANDISE, MATERIALS AND SERVICES 2.4.20. -729 -2,159
a) Cost of merchandise and materials sold and cost of raw materials and consumables used
-25 -38
b) Cost of services -704 -2,121
6. LABOUR COST 2.4.21. -742 -924
a) Salaries and wages -510 -744
b) Social security cost -103 -130
Social security cost -44 -55
Pension insurance cost -59 -75
c) Other labour cost -129 -50
7. AMORTISATION AND DEPRECIATION EXPENSE, WRITE-OFFS 2.4.22. -59 -95
a) Amortisation -59 -68
b) Operating expenses from revaluation of intangible and tangible fixed assets
0 0
c) Operating expenses from revaluation of current assets 0 -27
8. OTHER OPERATING EXPENSES 0 -8
9. LOSS / PROFIT FROM OPERATIONS -1,088 2,951
10. OTHER FINANCIAL REVENUES FROM SHARES 2.4.23. 1,308 25,563
a) Financial revenues from shares in Group companies 0 24,302
b) Financial revenues from shares in associated companies 0 0
c) Financial revenues from shares in other entities 1,308 144
č) Financial revenues from other investments 0 1,117
11. FINANCIAL REVENUES FROM GRANTED LOANS 2.4.24. 378 585
a) Financial revenues from loans granted to Group companies 146 130
b) Financial revenues from loans granted to other entities 233 455
12. FINANCIAL REVENUES FROM OPERATING RECEIVABLES 27 0 a) Financial revenues from operating receivables due from
Group companies26 0
b) Financial revenues from operating receivables due from other entities
1 0
Income statement of Sava d.d. for the period January – June 2014 (€ in thousands)
47
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
NotesJAN-JUN
2014JAN-JUN
2013
13. FINANCIAL EXPENSES FROM IMPAIRMENTS AND WRITE-OFFS IN FINANCIAL INVESTMENTS
2.4.25. -495 -2,535
14. FINANCIAL EXPENSES FROM FINANCIAL LIABILITIES 2.4.26. -3,392 -8,054
a) Financial expenses from borrowings obtained from Group companies
-58 -123
b) Financial expenses from borrowings obtained from banks -2,826 -6,799
c) Financial expenses from issued bonds -394 -944
d) Financial expenses from other financial liabilities -114 -188
15. FINANCIAL EXPENSES FROM OPERATING LIABILITIES 0 0
a) Financial expenses from operating liabilities to Group companies
0 0
b) Financial expenses from trade payables and bill payables 0 0
c) Financial expenses from other operating liabilities 0 0
16. OTHER REVENUES 12 12
17. OTHER EXPENSES 0 -4
18. INCOME TAX 0 -720
19. DEFERRED TAX 2.4.27. -1,272 0
20. NET PROFIT/LOSS FOR THE ACCOUNTING PERIOD -4,522 17,799
The notes form an integral part of the financial statements and should be read in conjunction with the finan-cial statements.
Statement of other comprehensive income of Sava d.d. for the period January – June 2014 (€ in thousands)
JAN-JUN 2014
JAN-JUN 2013
Net loss /profit for the period -4,522 17,799
Other comprehensive income:
- Items that might be reclassified in profit or loss subsequently
- Change in fair value of available-for-sale financial assets 8,469 -378
- Deferred tax on change in fair value of available-for-sale financial assets -765 3
- Change in fair value of investments in associates 113 0
- Change in fair value of available-for-sale financial assets transferred to profit or loss
-1,294 -11,582
- Deferred tax from change in fair value of available-for-sale financial assets transferred to profit or loss
197 1,039
- Deferred tax from change in fair value of investments in associates -10 0
Other comprehensive income for the period, net of income tax in the period 6,711 -10,918
Total comprehensive income for the period 2,189 6,880
48
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Cash flow statement of Sava d.d. for the period January – June 2014 (€ in thousands)
JAN-JUN 2014
JAN-JUN 2013
A. Cash flows from operating activities
a) Net profit for the financial year -4,522 17,799
Pre-tax profit -3,250 18,519
Profit tax and other taxes not included in operating expenses -1,272 -720
b) Adjustments for: 2,259 -20,701
Depreciation 59 68
Operating revenues from revaluation in connection with items of investing and financing activities
-1 -5,210
Operating expenses from revaluation in connection with items of investing and financing activities
0 0
Financial revenues excluding financial revenues from operating receivables -1,686 -26,148
Financial expenses excluding financial expenses from operating liabilities 3,887 10,589
c) Change in net current assets (and accruals, deferrals, provisions and deferred tax receivables and liabilities) of balance sheet items
896 9,639
Opening minus closing operating receivables -27 10,055
Opening minus closing deferred costs and accrued revenues 53 -48
Opening minus closing deferred tax receivables 1,272 0
Opening minus closing assets (groups for disposal) for sale 0 0
Opening minus closing inventories 0 0
Closing minus opening operating liabilities -27 -786
Closing minus opening accrued costs and deferred revenues and provisions 258 1,093
Closing minus opening tax liabilities -633 -676
č) Surplus in inflows from operating activities or surplus in outflows from operating activities (a+b+c)
-1,367 6,736
B. Cash flows from investing activities
a) Inflows from investing activities 9,653 24,732
Revenues from received interests and shares in profit in relation to investing activities
-22 3,390
Revenues from disposal of intangible fixed assets 0 0
Revenues from disposal of tangible fixed assets 5 1
Revenues from disposal of investment property 0 2,299
Revenues from disposal of long-term financial investments 2,878 1,655
Revenues from disposal of short-term financial investments 6,792 17,387
b) Outflows from investing activities -4,407 -21,293
Expenses for purchase of intangible fixed assets 0 -8
Expenses for purchase of tangible fixed assets 0 -84
Expenses for purchase of investment property 0 0
Expenses for purchase of long-term financial investments -11 -3,096
Expenses for purchase of short-term financial investments -4,396 -18,105
c) Surplus in inflows from investing activities or surplus in outflows from investing activities (a+b)
5,246 3,439
49
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
JAN-JUN 2014
JAN-JUN 2013
C. Cash flows from financing activities
a) Inflows from financing activities 0 2,091
Revenues from paid-in capital 0 0
Revenues from increase in long-term financial liabilities 0 0
Revenues from increase in short-term financial liabilities 0 2,091
b) Outflows from financing activities -4,004 -11,752
Expenses for interests related to financing -1,522 -7,197
Expenses for return of capital 0 0
Expenses for repayment of long-term financial liabilities -4 -1,264
Expenses for repayment of short-term financial liabilities -2,478 -3,291
Expenses for payment of dividends and other shares in profit 0 0
c) Surplus in inflows from financing activities or surplus in expenses from financing activities (a+b)
-4,004 -9,661
Č. Cash and cash equivalents at end of period 101 518
a) Net increase in cash and cash equivalents (sum of Ač, Bc and Cc) -126 515
b) Cash and cash equivalents at beginning of period 227 3
50
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Called up capital
I
Capital reserves
IIRevenue reserves
III
Re-valuation reserve
IV
Retained net profit/loss from previous
periodsV
Net profit/loss for the financial year
VI
Share capital
Uncalled capital
(as a de-ductible
item)Capital reserves
Legal reserves
Reserve for
treasury shares
and own business stakes
Treasury shares
and own business stakes (as
a deductible item)
Statutory reserves
Other revenue reserves
Re-valuation reserves
Retained net
profitRetained net loss
Net profit for the
financial year
Net loss
for the financial
yearTotal
capital
I/1 I/2 II III/1 III/2 III/3 III/4 III/5 IV V/1 V/2 VI/1 VI/2
A.1 BALANCE AT 31 DEC. 2013 25,442 0 0 0 4,977 -4,977 0 0 1,056 0 0 0 -11,381 15,117
A.2 INITIAL BALANCE AT 1 JAN. 2014 25,442 0 0 0 4,977 -4,977 0 0 1,056 0 0 0 -11,381 15,117
B.1. Changes in equity - transactions with owners
0 0 0 0 0 0 0 0 0 0 0 0 0 0
B.2. Total comprehensive income for the period
0 0 0 0 0 0 0 0 6,711 0 0 0 -4,522 2,188
a) Entry of net profit/loss for the period
0 0 0 0 0 0 0 0 0 0 0 0 -4,522 -4,522
b) Change in fair value of available-for-sale financial assets
0 0 0 0 0 0 0 0 8,469 0 0 0 0 8,469
c) Deferred tax from a change in fair value of available for-sale financial assets
0 0 0 0 0 0 0 0 -765 0 0 0 0 -765
č) Change in fair value of avail-able-for-sale financial assets transferred to profit or loss
0 0 0 0 0 0 0 0 -1,294 0 0 0 0 -1,294
d) Deferred tax from a change in fair value of available-for-sale financial assets transferred to profit or loss
0 0 0 0 0 0 0 0 197 0 0 0 0 197
e) Other components of compre-hensive income for the period
0 0 0 0 0 0 0 0 103 0 0 0 0 103
B.3. Changes within equity -11,381 0 0 0 0 0 0 0 0 0 0 0 11,381 0
a) Allocation of the remaining portion of net profit for the comparative period to other capital items
0 0 0 0 0 0 0 0 0 0 -11,381 0 11,381 0
b) Settling a loss as a deductible capital item
-11,381 0 0 0 0 0 0 0 0 0 11,381 0 0 0
C. END BALANCE AT 30 JUN. 2014 14,061 0 0 0 4,977 -4,977 0 0 7,767 0 0 0 -4,522 17,305
Statement of changes in equity of Sava d.d. for the period from 31 December 2013 to 30 June 2014 (€ in thousands)
51
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Called up capital
I
Capital reserves
IIRevenue reserves
III
Re-valuation reserve
IV
Retained net profit/loss from previous
periodsV
Net profit/loss for the financial year
VI
Share capital
Uncalled capital
(as a de-ductible
item)Capital reserves
Legal reserves
Reserve for
treasury shares
and own business stakes
Treasury shares
and own business stakes (as
a deductible item)
Statutory reserves
Other revenue reserves
Re-valuation reserves
Retained net
profitRetained net loss
Net profit for the
financial year
Net loss
for the financial
yearTotal
capital
I/1 I/2 II III/1 III/2 III/3 III/4 III/5 IV V/1 V/2 VI/1 VI/2
A.1 BALANCE AT 31 DEC. 2012 83,751 0 0 0 4,977 -4,977 0 0 12,288 0 -9,274 0 -49,036 37,729
A.2 INITIAL BALANCE AT 1 JAN. 2013 83,751 0 0 0 4,977 -4,977 0 0 12,288 0 -9,274 0 -49,036 37,729
B.1. Changes in equity - transactions with owners
0 0 0 0 0 0 0 0 0 0 0 0 0 0
B.2. Total comprehensive income for the period
0 0 0 0 0 0 0 0 -10,918 0 0 17,799 0 6,881
a) Entry of net profit/loss for the period
0 0 0 0 0 0 0 0 0 0 0 17,799 17,799
b) Change in fair value of available-for-sale financial assets
0 0 0 0 0 0 0 0 -378 0 0 0 0 -378
c) Deferred tax from a change in fair value of available for-sale financial assets
0 0 0 0 0 0 0 0 3 0 0 0 0 3
č) Change in fair value of available-for-sale financial assets transferred to profit or loss
0 0 0 0 0 0 0 0 -11,582 0 0 0 0 -11,582
d) Deferred tax from a change in fair value of available- for-sale financial assets transferred to profit or loss
0 0 0 0 0 0 0 0 1,039 0 0 0 0 1,039
B.3. Changes within equity -58,310 0 0 0 0 0 0 0 0 0 9,274 0 49,036 0
a) Allocation of the remaining portion of net profit for the comparative period to other capital items
0 0 0 0 0 0 0 0 0 0 -49,036 0 49,036 0
b) Settling a loss as a deductible capital item
-58,310 0 0 0 0 0 0 0 0 58,310 0 0 0
C. END BALANCE AS AT 30 JUN. 2013 25,442 0 0 0 4,977 -4,977 0 0 1,370 0 0 17,799 0 44,611
Statement of changes in equity of Sava d.d. for the period from 31 December 2012 to 30 June 2013 (€ in thousands)
52
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Called up capital
I
Capital reserves
IIRevenue reserves
III
Re-valuation reserve
IV
Retained net profit/loss from previous
periodsV
Net profit/loss for the financial year
VI
Share capital
Uncalled capital
(as a de-ductible
item)Capital reserves
Legal reserves
Reserve for
treasury shares
and own business stakes
Treasury shares
and own business stakes (as
a deductible item)
Statutory reserves
Other revenue reserves
Re-valuation reserves
Retained net
profitRetained net loss
Net profit for the
financial year
Net loss
for the financial
yearTotal
capital
I/1 I/2 II III/1 III/2 III/3 III/4 III/5 IV V/1 V/2 VI/1 VI/2
A.1 BALANCE AT 31 DEC. 2012 83,751 0 0 0 4,977 -4,977 0 0 12,288 0 -9,274 0 -49,036 37,729
A.2. INITIAL BALANCE AT 1 JAN. 2013 83,751 0 0 0 4,977 -4,977 0 0 12,288 0 -9,274 0 -49,036 37,729
B.1. Changes in equity - transactions with owners
0 0 0 0 0 0 0 0 0 0 0 0 0 0
B.2. Total comprehensive income for the period
0 0 0 0 0 0 0 0 -11,232 0 0 0 -11,381 -22,613
a) Entry of net profit/loss for the period
0 0 0 0 0 0 0 0 0 0 0 0 -11,381 -11,381
b) Change in fair value of available-for-sale financial assets
0 0 0 0 0 0 0 0 -716 0 0 0 0 -716
c) Deferred tax from a change in fair value of available for-sale financial assets
0 0 0 0 0 0 0 0 54 0 0 0 0 54
č) Change in fair value of avail-able-for-sale financial assets transferred to profit or loss
0 0 0 0 0 0 0 0 -11,583 0 0 0 0 -11,583
d) Deferred tax from a change in fair value of available-for- sale financial assets trans-ferred to profit or loss
0 0 0 0 0 0 0 0 1,038 0 0 0 0 1,038
e) Other components of compre-hensive income for the period
0 0 0 0 0 0 0 0 -25 0 0 0 0 -25
B.3. Changes within equity -58,310 0 0 0 0 0 0 0 0 0 9,274 0 49,036 1
a) Allocation of the remaining portion of net profit for the comparative period to other capital items
0 0 0 0 0 0 0 0 0 0 -49,036 0 49,036 0
b) Settling a loss as a deductible capital item
-58,310 0 0 0 0 0 0 0 0 0 58,310 0 0 1
C. END BALANCE AS AT 31 DEC. 2013 25,442 0 0 0 4,977 -4,977 0 0 1,056 0 0 0 -11,381 15,117
Statement of changes in equity of Sava d.d. for the period from 31 December 2012 to 31 December 2013 (€ in thousands)
Calculation of the accumulated loss for Sava d.d. as at 30 June 2014 (€ in thousands)
30 Jun. 2014 31 Dec. 2013
NET PROFIT OR LOSS FOR THE ACCOUNTING PERIOD -4,522 -11,381
Retained loss as at 1 Jan. -11,381 -58,310
Decrease due to payment of dividends/stakes 0 0
Decrease / reversal of capital reserves 0 0
Decrease /reversal of revenue reserves 0 0
Increase (additional formation) of revenue reserves 0 0
Other changes 11,381 58,310
Accumulated loss at the end of the accounting period -4,522 -11,381
53
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.2 Notes to the financial statements of Sava d.d.
2.2.1. Basis for drawing the financial statements
REPORTING COMPANY
Sava d.d., Družba za upravljanje in financiranje,
Dunajska cesta 152, 1000 Ljubljana, is the con-
trolling company of the Sava Group. The financial
statements of Sava d.d. have been drawn up for
the period ending on 30 June 2014 and have not
been audited. The ownership structure of Sava d.d.
is explained in the chapter about the Sava share
and ownership structure, which forms a part of the
semi-annual business report.
The semi-annual report can be accessed on the
company’s website at www.sava.si.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in ac-
cordance with Slovene Accounting Standards, which
had been issued by the Slovene Institute of Auditors.
The Management Board approved the issue of fi-
nancial statements on 19 August 2014.
FUNCTIONAL CURRENCY
The financial statements are presented in Euro cur-
rency, which as of 1 January 2007 has been the
functional currency of the company. The financial
information is presented in euros, rounded to one
thousand units. When adding together, minor dif-
ferences can appear due to rounding up.
CHANGES IN ACCOUNTING POLICIES
In 2014, there were no changes in the accounting policies.
FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currencies are translated to the functional currency at the reference exchange rate of the ECB ruling at the transaction date.
Monetary assets and liabilities denominated in for-eign currencies at the balance sheet date are trans-lated to the functional currency at the reference exchange rate of the ECB ruling at last day of the accounting period. Foreign exchange gains/losses present differences between the repayment value in functional currency at the beginning of the period adjusted by the amount of effective interest and pay-ments during the period and the repayment value in foreign currency calculated at the reference ex-change rate of ECB at period end. Foreign exchange losses/gains are recognised in the income statement.
Non-monetary assets and liabilities that are stated at original value in foreign currency are translated to functional currency at the reference exchange rate of the ECB ruling at the transaction date. Non-monetary items and liabilities shown in foreign cur-rency and measured at fair value are translated to euros at the reference exchange rate of ECB ruling at the day when fair value is determined.
Foreign exchange losses/gains are recognised in the income statement.
2.2.2. Significant accounting policies
INTANGIBLE ASSETS
Intangible fixed assets have their useful lives de-fined. They are measured at cost less depreciation adjustment and accumulated losses due to impair-ment.
Cost also includes import and non-refundable pur-chasing taxes, as well as interest on loans for acqui-
sition of an intangible fixed asset until it is placed in
service for use.
TANGIBLE FIXED ASSETS
Tangible fixed assets are measured at cost less de-
preciation adjustment and accumulated loss due to
impairment.
54
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
At initial recognition a tangible fixed asset is val-
ued at cost. The cost includes its purchase expense,
import and non-refundable purchasing taxes and
expenses, which can be attributed directly to its
placement in service for the intended use, especially
expenses for its transport, installation, and estimat-
ed cost of its dismantling, removal and restoration.
Costs are increased due to the interests on loans for
acquiring a tangible fixed asset until it is placed in
service for use.
Those parts of tangible fixed assets that have dif-
ferent useful lives are calculated as individual fixed
assets.
SUBSEQUENT EXPENDITURES IN CONNEC-TION WITH TANGIBLE FIXED ASSETS
Subsequent expenditures in connection with a tan-
gible fixed asset increase its cost value if the future
economic benefits embodied in the assets are high-
er than originally estimated.
Repairs of or maintaining tangible fixed assets are
intended for renewing or preserving the future eco-
nomic benefits expected on the basis of the origi-
nally estimated level of asset efficiency. They are
recognised as expenses when incurred.
INVESTMENT PROPERTY
Investment property is property which is held either
to earn rental income or for capital appreciation
or both. Investment property is not intended for the
manufacture of products, supply of goods, provid-
ing services or for office purposes. Investment pro-
perty is also not intended for short-term sale.
In cases when a decision should be made as to
whether a property is an investment property or an
owner-occupied property, the property is classified
as an investment property when more than 20% of
the property is used as an investment property.
When an investment property becomes owner-oc-
cupied, it is reclassified as property, fixtures and fit-
tings.
Investment property is stated at cost value model
less depreciation adjustment and accumulated loss
due to impairment.
The fair value of investment properties is ascer-
tained for the needs of disclosure.
DEPRECIATION
The carrying amount of a tangible fixed asset, in-
tangible fixed asset and investment property is de-
creased through depreciation.
We use the method of depreciation on a straight-
line basis considering thereby the useful life of an
asset. Land is not depreciated. The remaining value
of a tangible fixed asset is not assessed.
Intangible fixed asset, tangible fixed asset and in-
vestment property start to be depreciated on the first
day of the next month when they are available for
use.
The depreciation rates are based on the useful lives of the assets and in percentage, they amount to:
Current year Past year
Intangible fixed assets from 10.0 to 20.0 from 10.0 to 20.0
Buildings from 2.0 to 5.0 from 2.0 to 5.0
Equipment from 5.0 to 33.3 from 5.0 to 33.3
The useful lives of investment property equal those valid for property of the same kind, which is kept as tangible fixed assets.
55
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
IMPAIRMENT OF INTANGIBLE ASSETS, TANGIBLE FIXED ASSETS AND INVESTMENT PROPERTY
At least once a year the company examines the re-
maining carrying amount of intangible assets, tangi-
ble assets and investment property in order to ascer-
tain whether they are impaired. If they are impaired,
the recoverable value of the asset is estimated.
Impairment of assets or cash-generating items is
recognised when its carrying amount exceeds its
recoverable value. A cash-generating unit is the
smallest group of assets, which generates financial
inflows that to a great extent do not depend on fi-
nancial inflows from other assets or groups of assets.
Impairment is stated in the income statement. Loss
recognised in a cash-generating unit arising from
impairment is allocated to other assets of the unit
(group of units) in proportion to the carrying amount
of each item in the group.
The recoverable amount of an asset or a cash-gen-
erating unit is the greater of their fair values in use
or fair value less selling costs. In assessing value in
use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate
that reflects current market assessments of the time
value of money and the risks specific to the asset.
FINANCIAL INVESTMENTS
In the balance sheet, financial investments are stat-ed as long- and short-term financial investments. Long-term financial investments are those, which are in possession for more than one year, and are not held for trading.
Financial investment in capital, proprietary secu-rities of other companies or debtor’s securities of other companies or the state as well as approved loans are initially recognised at the cost of pur-chase, which equals the paid sum of money or its equivalents.
In the financial statements, long-term financial in-vestment in subsidiaries and associates are valued at cost. In the parent company, the associates are
valued at cost and they examined at least once a year whether indication for impairment exists. Im-pairment estimate is based on the examination of recoverable value, i.e. verifying the value in use (es-timate of discounted cash flows) and fair value; the recoverable value is the higher of both.
With regard to the purpose of their acquisition, the investments in debtor and proprietary securities are dealt with as available for sale. They are di-vided into investments in shares of listed compa-nies, investments in shares and stakes of unlisted companies and investments in mutual funds. These financial instruments are recognised or reversed on the transaction day. The fair value of listed securi-ties available for sale equals the bid price of these shares on the balance sheet date. The fair value of shares and stakes of companies, which are not listed, is ascertained by examining whether indica-tion for impairment exists.
The fair value of securities available for sale is as-sessed at least every three months, the last evalua-tion was carried out on 30 June 2014. The change in fair value is recognised in capital as a revaluation reserve.
If a decrease in the fair value of a financial instru-ment available for sale was recognised directly as a negative revaluation reserve and there exists impartial evidence that the asset is long-term im-paired, the impairment is recognised in the income statement as a financial expense. It is considered that impartial evidence for the examination of a fi-nancial investment exists when the fair value of the financial asset on the balance sheet date is 20% lower than the cost value of financial asset. The ex-amination of the impairment in the financial asset is carried out individually for each investment or group of investments.
The fair value of an interest swap is the estimated amount that the company would receive or pay upon suspending the interest rate swap at the bal-ance sheet date, thereby considering the current interest rate and borrowing power of swap partici-pants.
56
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
RECEIVABLES
At their initial recognition, the receivables of all
types are shown in the amounts that arise from the
corresponding documents on condition that they
will be paid. The original receivables can later be
increased, or irrespective of payment or any other
settlement, decreased by every amount, which is
proven by an agreement.
The advances in the balance sheet are shown in
relation with things they refer to.
Receivables, which are assumed not be settled
within the due term and in the total amount, re-
spectively, are considered doubtful and, if a court
procedure has already begun, disputable.
The revaluation adjustments in receivables are
formed as follows:
● a 100% adjustment in all sued receivables and
receivables filed in a bankruptcy proceeding
and obligatory enforcement proceeding; and
● a 100% adjustment for receivables which ac-
cording to the best professional judgement are
doubtful and the outcome of law suit is uncertain
due to customer insolvency.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash balances
on transaction accounts.
CAPITAL
Total capital of a company is its liability towards its
owners, which falls due if the company discontinues
its operation. It is determined on the basis of the
amounts invested by the owners, and the amounts
that appeared during operation and belong to the
owners. It is decreased by a loss from operations,
repurchased own shares and withdrawals (pay-
ments). The total capital comprises share capital,
capital reserves, revenue reserves, retained net
profit, fair value reserve and own shares as a de-
ductible item.
LONG-TERM AND SHORT-TERM PROVISIONS
Provisions are recognised if a company due to a
past event has legal or indirect liabilities that can
be reliably estimated and it is likely that to settle the
liability an outflow of assets, which assure economic
benefits, will be required. The amount of provision
is defined by discounting the expected future cash
flows using a pre-tax discount rate that reflects cur-
rent market assessments of the time value of money
and the risks specific to the liability.
In accordance with the legal regulations, collective
agreement and internal book of rules, the company
is obliged to pay employee jubilee benefits and re-
tirement amounts, for which it forms long-term pro-
visions in the amount of the estimated future pay-
ments of retirement amounts and jubilee benefits
discounted at the balance sheet date. There are no
other retirement liabilities.
Provisions for the reorganisation include direct costs
of reorganisation and refer to foreseen payments to
employees in connection with the changed organi-
sational structure of Sava d.d.
LIABILITIES
Liabilities are financial or operating, short-term or
long-term.
All liabilities are initially recognised with the amounts
arising from the corresponding documents about
their appearance, which prove the receipt of cash
or redemption of any operating liability.
Long-term liabilities are further increased by imput-
ed interests or decreased by repaid amounts and
any other settlements, agreed upon with a creditor.
The book value of long-term liabilities equals their
original value decreased by repayment of the prin-
cipal and transfers under short-term liabilities until
the need for a revaluation adjustment of long-term
debts appears.
The book value of short-term liabilities equals their
original value adjusted by their increases or de-
57
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
creases as agreed upon with the creditors until the
need for their revaluation adjustment appears.
Short-term and long-term liabilities of all kinds are
initially shown with the amounts, which arise from
the corresponding documents on condition that the
creditors request their repayment. The liabilities are
later increased with imputed yields (interests, oth-
er compensations), about which an agreement is
made with the creditor. Liabilities are decreased by
repaid amounts and any other settlements in agree-
ment with the creditor.
When measuring long-term liabilities the company
follows the policy that the interest rate being agreed
upon does not considerably differ from the effective
interest rate if the difference is not more than one
percentage point.
SHORT-TERM ACCRUALS AND DEFERRALS
Short-term accruals and deferrals include receiva-
bles and other assets and liabilities that are antici-
pated to appear within a year and whose appear-
ance is probable and their size reliably estimated.
Receivables and liabilities relate to the known and
not yet known legal entities or natural persons to-
wards whom actual receivables and debts will then
appear, while assets include products and services
to their debit.
Deferred costs and accrued revenues include short-
term accrued revenues and short-term deferred
costs. Accrued costs and deferred revenues include
short-term deferred revenues and short-term ac-
crued cost.
RECOGNITION OF REVENUES
Revenues are recognised if the enhancement of
economic benefits in the accounting period is con-
nected with an increase in an asset or a decrease
in a liability and such an increase could be reliably
measured. Revenues are recognised when it is le-
gitimate to expect they will result in earnings if these
were not already implemented at their appearance.
Operating revenues
Revenues from services rendered are recognised in the income statement with regard to the level of transaction completeness on the reporting date. The level of completeness is estimated with a survey of the work performed.
Revenues from investment property rentals are rec-ognised in expenses on a straight-line basis during the rental period.
Revenues from received subsidies or endowments are measured in amounts that are approved for this purpose.
Operating revenues from revaluation arise upon disposal of tangible fixed assets, intangible fixed assets and investment property as surpluses of their selling value over their carrying amount.
Financial revenues
Financial revenues include interest revenues from in-vestments, revenues from dividends, revenues from disposal of financial assets available for sale, foreign exchange gains and proceeds from hedging instru-ments when they are recognised in the income state-ment. Interest revenues are recognised as they arise by using an effective interest rate method. Revenues from dividends are recognised in the income state-ment in the period when the Shareholders’ Meeting adopts a resolution about dividend payment.
Other revenues
Other revenues consist of extraordinary items; they appear in actually incurred amounts.
RECOGNITION OF EXPENSES
Expenses are recognised if a decrease in economic benefits in the accounting period is connected with a decrease in assets or an increase in liabilities and this decrease could be reliably measured.
Operating expenses
Operating expenses are recognised when the mate-rial is used and service provided, respectively, in the
period, to which they relate.
58
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Operating expenses from revaluation arise in con-
nection with tangible fixed assets, intangible fixed
assets and current assets due to their impairment.
Financial expenses
Financial expenses include expenses for interest,
foreign exchange losses, and losses due to impair-
ment in the value of financial assets and loss of risk
hedging instruments, which are recognised in the
income statement. In the income statement, the ex-
penses for borrowing are recognised according to
the effective rate method except for those, which are
attributed to intangible, and tangible fixed assets
under construction and preparation, respectively.
Other expenses
Other expenses consist of extraordinary items; they
appear in actually incurred amounts.
INCOME TAX AND DEFERRED TAX
Income tax on the profit or loss for the financial year
comprises current and deferred tax. Income tax is
recognised in the income statement except to the
extent that it relates to the items recognised directly
in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the tax-
able income for the year, using tax rates enacted or
substantially enacted at the balance sheet date, and
any adjustment to tax payable in respect of previous
business years.
Deferred tax is provided using the balance sheet
liability method, providing for temporary differ-
ences between the carrying amounts of assets and
liabilities for financial reporting purposes and the
amounts used for taxation reporting purposes. The
amount of deferred tax is shown in amount expect-
ed to be paid upon elimination of temporary differ-
ences, based on the laws enacted or substantively
enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent
that it is probable that future taxable profits will be
available against which the asset can be utilised.
Deferred tax assets are reduced to the extent that
it is no longer probable that the related tax relief
could be realised.
Net earnings per share
Share capital of the company is divided into ordi-
nary personal no-par value shares; therefore, the
company states the basic earnings per share. The
basic earnings of the share are calculated by di-
viding profit or loss with the weighted number of
ordinary shares in the business year.
The diluted net earnings per share equal the basic
earnings per share, as the company is not in pos-
session of any preference shares or exchangeable
bonds. The number of issued shares did not change
during the year.
Criteria of importance for disclosures
The company states the accounting policies at least
for the assets and liabilities whose value exceeds
10% cent of the value of assets or liabilities at the
balance sheet date.
The company discloses an individual asset or debt
at least when it exceeds 10% of the balance sheet
total. Lower amounts are disclosed when the com-
pany evaluates them of importance for a fair view
of its business.
Drawing up a cash flow statement
The cash flow statement has been prepared in accordance with SAS 26 - variant II. It has been prepared by considering the data from the income statement for the period January-June 2014 (for the past period January-June 2013), the balance sheet data as at 30 June 2014 and 31 December 2013 (for the past period 30 June 2013 and 31 Decem-ber 2012), and other required data. The cash flow statement excludes the values not connected with the revenues and expenses.
59
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.3. Financial risk management for Sava d.d
Sava d.d. is exposed to the following financial risks:
RISK OF A CHANGE IN THE FAIR VALUE OF ASSETS (PRICE RISK)
Risk of a change in the fair value is the risk that the
company will suffer a loss of economic benefits due
to the changed value of a financial asset. This is
one of the critical risks Sava d.d. is exposed to as
it is strongly connected with achieving the planned
return and the implementation of the outlined strat-
egy.
Risks of fair value changes are reduced through
diversifying the investment portfolio and active su-
pervision over the operations of the companies, in
which Sava d.d. holds a significant equity share.
In accordance with the adopted long-term strat-
egy and commitments as per master restructuring
agreement, we have produced a plan for divest-
ing certain investments in order to assure adequate
solvency.
In the first half of 2014, a gradual economic recov-
ery is observable in Slovenia (the result of further
growth in exports and investments in public infra-
structure), as well as a gradual improvement in li-
quidity of the Ljubljana Stock Exchange, which re-
newed investor trust in the domestic capital market.
General economic circumstances affect the value of
financial investments of Sava d.d., at which the risk
of changes in the fair value still remains high.
INTEREST RATE RISK
This involves a risk that the value of financial instru-
ment and costs of contracting debt will fluctuate due
to changes in the market interest rates.
In July 2013, Sava d.d. made an agreement with all
lending banks on restructuring the financial liabili-
ties, which expires at the end of November 2014.
The company agreed upon uniform conditions and
interest rate, which upon signing the agreement
became a fixed interest rate and applies to total fi-
nancial liabilities. Prior to restructuring, Sava d.d.
had more than 50% of its credit portfolio tied to the
EURIBOR reference interest rate, whereas suitable
financial instruments that expire in April 2015 were
contracted to hedge against the interest rate risk.
When the restructuring arrangement will expire, the
exposure to the changes in interest rates will grow
again.
In the presented and uncertain economic circum-
stances, the risk of changes in the market interest
rate is high.
CREDIT RISK
This involves a risk that a customer engaged in a
business relationship will not meet its obligations and
will cause the company a financial loss. Credit risk is
directly connected with commercial risk and presents
a danger that trade receivables or receivables due
from other business partners will be settled with de-
lay or not at all.
Sava d.d. generates majority of its revenues by selling
its services to its subsidiaries where the risk of non-
payment is low. Special attention is devoted to moni-
toring solvency of customers outside of the Group
with which Sava d.d. has established a business re-
lationship. We regularly monitor open and outstand-
ing receivables, the maturity structure of receivables
and movement of average payment terms. We have
an established customer rating system available for
supervision over bad payers and carry out on-going
compensations.
The major portion of the increased credit risk of
Sava d.d. arises from the transactions made in the
past with NFD Holding d.d. Sava d.d. granted two
short-term loans to NFD Holding d.d. As at 30 June
2014, the value of loans granted to NFD Holding
d.d. amounted to €17,806 thousand. In the past
year, NFD Holding d.d. restructured its financial li-
abilities with lending banks, and, as a result, the
60
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
loans relationship with Sava d.d. too. The estimated
value of the obtained collateral for the granted loans
amounted to €9,407 thousand. Owing to insuffi-
cient collateral value, the loans were impaired in the
amount of €10,034 thousand, the net value of the
loans granted to NFD Holding d.d. thus amounts to
€7,772 thousand.
Considering the above-mentioned business events,
we estimate credit risk for Sava d.d. as high.
SOLVENCY RISK
This involves a risk that a company will not be able to fulfil its financial liabilities in due time. In Sava d.d., the solvency risk is managed by introducing a uniform financial policy for the companies operat-ing within the Group. The goal of such arrangement is to assure suitable liquidity of the parent company and subsidiaries, and to ensure all group compa-nies financing under most favourable conditions.
As the adverse economic situation continues, the circumstances in the money markets remained fierce in the first half of 2014 too. As the domestic banking system is still being recovered, additional finance sources are less available, which deterio-rates the conditions for providing adequate sol-vency and on-going settlement of liabilities.
Sava d.d. continues to devote much of its attention to provision of liquidity of the company, regular settlement of financial liabilities and arranging the relations with the financial creditors. In the first half year of 2014, Sava d.d. participated in the public bid for selling the shares of Helios d.d.; the received consideration of €2,478 thousand was earmarked for a premature repayment of liabilities to the lend-ing banks.
Owing to the continued difficult circumstances in money markets, and, above all, expiration of the financial restructuring arrangement, on the very same day of which the principals from the received loans and the prevailing part of the interests ac-cruing will mature for payment, the solvency risk at Sava d.d. remains very high.
FOREIGN CURRENCY RISK
This involves a risk of losing economic benefits due to the changes in the foreign currency exchange rates. Sava d.d. mainly does business in the Euro Zone, but it still has minor investments in the mar-kets of Serbia, Macedonia, and Bosnia and Herze-govina, which is why it is exposed to the changes in the exchange rates of the Serbian dinar and Mace-donian denar. With regard to the share of foreign currency operations, this risk is considered low.
MANAGEMENT OF CAPITAL
An adequate capital structure ensures investor,
creditor and market trust as well as sustainable de-
velopment of the Sava Group. In 2011, Sava d.d.
revised its long-term business strategy, which rests
upon financial restructuring of liabilities and divest-
ing of financial investments. Owing to the planned
and implemented activities, the capital structure will
improve, while investor and other partners’ trust
in the business and long-term development of the
company will enhance.
Sava d.d. has no programme of granting stock op-
tions to its employees.
Regulatory bodies do not have any capital require-
ments towards the parent company or subsidiaries
in the Sava Group.
61
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.4. Breakdown and notes to the financial statements of Sava d.d.
2.4.1 Intangible fixed assets and long-term deferred costs and accrued revenues
In the first half of 2014, depreciation of intangible fixed assets was accounted for in the amount of €1 thou-
sand.
Movement of intangible fixed assets and long-term deferred costs and accrued revenues (€ in thousands)
Property rights
Cost value
Long-term deferred
deve-lopment
costs
Investments in acquired rights
to industrial property and
other rights
Advances for
intangible long-term
assets
Goodwill of acquired company
Other long-term
deferred costs and
accrued revenues Total
Balance as at 1 Jan. 2014 0 27 0 0 0 27Increase, purchase 0 0 0 0 0 0Decrease 0 0 0 0 0 0Balance as at 30 Jun. 2014 0 27 0 0 0 27VALUE ADJUSTMENTBalance as at 1 Jan. 2014 0 -2 0 0 0 -2Decrease 0 0 0 0 0 0Depreciation 0 -1 0 0 0 -1Balance as at 30 Jun. 2014 0 -4 0 0 0 -4CARRYING AMOUNTBalance as at 1 Jan. 2014 0 25 0 0 0 25Balance as at 30 Jun. 2014 0 23 0 0 0 23
2.4.2 Tangible fixed assets
As at 30 June 2014, the value of tangible fixed as-
sets totals €213 thousand and is not significantly
different from the value at the end of 2013. Tan-
gible fixed assets include an asset under financial
lease whose book value amounts to €16 thousand.
In the period January–June 2014, the depreciation
of tangible fixed assets was accounted for in the
amount of €27 thousand.
62
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Movement of tangible fixed assets (€ in thousands)
Cost value Land BuildingsPlant and
machineryOther
equipment
Tangible fixed assets under construction
and manufacture
Advances for
tangible fixed
assets Total
Balance as at 1 Jan. 2014 0 0 236 106 0 0 342
Increase, purchase 0 0 0 0 0 0 0
Decrease 0 0 -6 0 0 0 -6
Balance as at 30 Jun. 2014 0 0 230 106 0 0 336
VALUE ADJUSTMENT
Balance as at 1 Jan. 2014 0 0 -77 -21 0 0 -98
Decreases 0 0 2 0 0 0 2
Depreciation 0 0 -16 -11 0 0 -27
Balance as at 30 Jun. 2014 0 0 -91 -32 0 0 -123
CARRYING AMOUNT
Balance as at 1 Jan. 2014 0 0 159 85 0 0 244
Balance as at 30 Jun. 2014 0 0 139 74 0 0 213
2.4.3 Investment property
Investment property amounts to €2,331 thousand
and did not change significantly with regard to the
end of the past year. A mortgage for a long-term
syndicated loan is placed on the BTC real property
in Ljubljana whose book value amounts to €1,439
thousand. As at 30 June 2014, the balance of un-
paid loan amounts to €94,969 thousand.
In leasing out the investment property, revenues
of €153 thousand and expenses of €67 thousand
were made. Expenses of €6 thousand were recog-
nised in connection with the investment property not
leased out.
In the first half year of 2014, depreciation of in-
vestment property was accounted for in the value of
€31 thousand.
We estimate that the fair value of investment prop-
erty does not significantly deviate from the book
values.
63
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Movement of investment property (€ in thousands)
Cost valueLand-investment
propertyBuildings-investment
property Total
Balance as at 1 Jan. 2014 1,184 4,528 5,712
Purchase, increase 0 0 0
Decrease due to sale 0 0 0
Balance as at 30 Jun. 2014 1,184 4,528 5,712
VALUE ADJUSTMENT
Balance as at 1 Jan. 2014 0 -3,350 -3,350
Decrease due to sale 0 0 0
Depreciation 0 -31 -31
Balance as at 30 Jun. 2014 0 -3,381 -3,381
CARRYING AMOUNT
Balance as at 1 Jan. 2014 1,184 1,178 2,362
Balance as at 30 Jun. 2014 1,184 1,147 2,331
2.4.4 Long-term financial investments
Long-term financial investments amounting to €216,136 thousand represented 86% of the bal-ance sheet total. In comparison with the end of the previous year, their value increased by €2,267 thousand in net terms.
a) Shares and stakes in Sava Group companies
Shares and stakes in Sava Group companies to-talled €93,234 thousand and did not change if compared to the end of the previous year.
The entire ownership stake of Sava Turizem d.d. was pledged for the loans obtained by Sava d.d., its book value amounting to €88,960 thousand. The entire ownership stake in the company Sava Nepremičnine d.o.o. was pledged for the loans ob-tained by Sava TMC d.o.o., the book value of which amounted to €3,907 thousand.
Disclosures in connection with the composition of the Sava Group, share in capital, amount of capital and operating result of the subsidiaries are present-ed in the financial part of the semi-annual report of the Sava Group.
b) Shares and stakes in the associated companies
The value of shares and stakes in the associated companies totalled €86,028 thousand and com-
pared to the end of the previous year it slightly grew on account of the increased stock exchange prices.
The prevailing portion is represented by a financial investment in Gorenjska banka d.d., Kranj, whose value did not change in comparison with the end of the previous year. It amounts to €588 per a share, which is lower than the book value of a share shown in the current financial statements of the bank.
Sava d.d. pledged 139,480 shares of Gorenjska banka d.d. for the obtained loans, issued bonds and the loan obtained by a subsidiary. The book value of pledged shares amounted to €82,017 thousand.
Disclosures in connection with the composition of the Sava Group and share in capital are presented in the financial part of the semi-annual report of the Sava Group.
c) Other shares and stakes
Other shares and stakes totalling €36,451 thou-sand were by €5,108 thousand higher in net terms than in the previous year. The net increase is due to the growth of stock exchange prices.
Other shares and stakes include listed securities available for sale totalling €1,223 thousand, un-
64
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
listed securities available for sale amounting to €3,729 thousand and an investment in a mutual fund totalling €31,499 thousand whose value in-creased most with regard to the previous year.
In the first half of 2014, securities available for sale whose value amounted to €2,878 thousand were sold. A profit of €1,294 thousand was generated in this transaction; the major part of the received purchase consideration was earmarked for loan re-payment to the banks.
The value of investment in NFD 1, mutual fund, amounted to €31,499 thousand, the fair value be-ing ascertained by using the stock exchange price on the last accounting day.
Despite a 23.35% ownership stake, the investment in NFD 1, mutual fund, is considered as avail-able for sale and not as an associated company. The company NFD 1, mutual fund, is managed by the management company, in which Sava d.d. has no ownership stake. The Supervisory Board of the company solely supervises the fund operation.
Furthermore, NFD 1 restructured from a closed mutual fund to an open mutual fund in 2011, af-ter which Sava d.d. became the owner of a certain number of mutual fund coupons and has no influ-ence on managing the fund whatsoever.
The total - 23.35% - share in NFD 1, mutual fund, was pledged for the loans obtained by Sava d.d. The book value of pledged shares amounted to €31,499 thousand.
After restructuring and renaming the company for sub-fund management NFD d.o.o. to Alpen Invest d.o.o., the company NFD 1, mutual fund, renamed Alpen.Si, mixed flexible sub-fund - SouthEast Eu-rope. The renaming is effective as of 31 July 2014.
The value of other shares and stakes amounted to €4,952 thousand, and included 1,468,221 shares of Hoteli Bernardin d.d., 13,500 shares of Kom-pas Bled d.d, 4,987 shares of Pokojninska Družba A d.d., and 9,874 shares of Jubmes Banka d.d., which were pledged for the loans obtained by Sava d.d. The book value of the pledged shares amounts to €3,399 thousand.
Types of securities available for sale (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Shares of listed companies 1,223 3,521
Shares of unlisted companies 3,729 3,823
Mutual funds 31,499 23,999
Total 36,451 31,343
d) Long-term loans to Group companies
A long-term loan to a Sava Group company total-
ling €423 thousand is insured with bills of exchange
and pledging the movable and real property.
Interest rate on the long-term loan to a Group com-
pany amounts to 3.0%.
65
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Movement of long-term financial investments (€ in thousands)
Long-term financial investments, excluding loans Long-term loans
Stocks and
shares in Group
compa-nies
Stocks and
shares in
associ-ates
Other stocks
and shares
Other long- term
financial invest-ments
Total long-term
financial investments,
excluding loans
Long-term
loans to Group
compa-nies
Long-term
loans to other
entities
Long- term
unpaid called-up
capital
Total long-term
loans
Total long-term
financial invest-ments
GROSS VALUE
Balance as at 1 Jan. 2014
105,385 109,587 111,980 0 326,952 3,377 0 0 3,377 330,329
Purchase, increase 0 0 11 0 11 0 0 0 0 11
Share capital increase with cash contributions
0 0 0 0 0 0 0 0 0 0
Share capital increase with non-cash contributions
0 0 0 0 0 0 0 0 0 0
Increase due to acquisitions 0 0 0 0 0 0 0 0 0 0
Decrease 0 0 -11,123 0 -11,123 0 0 0 0 -11,123
Transfers 0 0 0 0 0 -2,954 0 0 -2,954 -2,954
Write-off 0 0 0 0 0 0 0 0 0 0
Revaluation 0 113 8,469 0 8,582 0 0 0 0 8,582
Balance as at 30 Jun. 2014 105,385 109,700 109,338 0 324,422 423 0 0 423 324,845
VALUE ADJUSTMENT
Balance as at 1 Jan. 2014 -12,150 -23,672 -80,637 0 -116,460 0 0 0 0 -116,460
Purchase, increase
0 0 0 0 0 0 0 0 0 0
Share capital increase with non-cash contributions
0 0 0 0 0 0 0 0 0 0
Increase due to acquisitions 0 0 0 0 0 0 0 0 0 0
Decrease 0 0 8,245 0 8,245 0 0 0 0 8,245
Transfers 0 0 0 0 0 0 0 0 0 0
Write-off 0 0 0 0 0 0 0 0 0 0
Revaluation 0 0 -495 0 -495 0 0 0 0 -495
Balance as at 30 Jun. 2014 -12,150 -23,672 -72,887 0 -108,710 0 0 0 0 -108,710
NET VALUE
Balance as at 1 Jan. 2014 93,234 85,915 31,343 0 210,492 3,377 0 0 3,377 213,869
Balance as at 30 Jun. 2014 93,234 86,028 36,451 0 215,713 423 0 0 423 216,136
66
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.4.5 Long-term operating receivablesMovement of long-term operating receivables (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Balance as at 1 Jan. 0 10Newly formed receivables 0 0Repayment of receivables 0 -10Impairment of receivables 0 0End balance 0 0
2.4.6 Deferred tax receivables Deferred tax receivables referred to revaluation of financial investments in securities available for sale to fair value and amounted to €9,602 thousand as at 30 June 2014.
In 2014, Sava d.d. neither formed any new nor eliminated the remaining deferred tax receivables. This was due to extremely demanding and uncer-tain economic circumstances in the domestic mar-ket, which strongly affect the conditions for selling financial investments. Owing to these circumstanc-es, the conditions in terms of value and time cannot
be defined precisely enough.
Deferred tax receivables arising from tax losses were not accounted for, as it is estimated that no such revenues would be generated in the near fu-ture, which in addition to the deferred receivables from impairments of financial liabilities would also cover for deferred taxes arising from tax losses. The amount of not accounted for deferred tax re-ceivables arising from tax loss using a 17% tax rate amounted to €39,840 thousand as at 31 Decem-ber 2013.
Movement of deferred tax receivables (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Balance as at 1 Jan. 10,874 20,669
Decrease in receivables due to sale of securities - through profit or loss -1,272 -9,753
End balance 9,602 10,874
2.4.7 Short-term financial investments
The value of short-term financial investments totalling €16,531 thousand did not significantly change with regard to the end of the previous year. They entirely refer to the following short-term loans:
● Short-term loans to Group companies amount-ing to €4,284 thousand are partly uninsured and partly insured with bills of exchange, mov-able and real property.
● Short-term deposits to banks totalling €4,474 thousand.
● Loans to other entities – NFD Holding, d.d., - in total gross amount of €17,806 thousand, with a formed value adjustment as at 30 June 2014 amounting to €10,034 thousand, the net value of
receivable was recognised at €7,772 thousand. The syndicated loan totalling €16,749 thousand is insured with bills of exchange and securities, which include 9,154,192 shares of Hoteli Ber-nardin d.d., 346,243 shares of NFD 1, 647,318 shares of Istrabenz d.d., 166,484 shares of Mela-min d.d., 5,806 shares of Krka d.d., 893 shares of Petrol d.d. and 32,936 shares of Sava d.d. With all the mentioned shares, Sava d.d. is partly the first-entered lien-holder and partly the second- entered lien-holder. The estimated value of securi-ties received in pledge amounts to €9,407 thou-sand, while the loan bears a 2.70% interest rate.
The other loan totalling €1,057 thousand is se-cured with bills of exchange and does not bear interest.
67
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
VALUATION ADJUSTMENTS IN TRADE RECEIVABLES FOR SERVICES
As at 30 June 2014, the balance of valuation allowance in trade receivables amounted to €160 thousand. No additional impairments of receivables took place in the first half of 2014.
Movement of value adjustments in trade receivables for services (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Balance as at 1 Jan. 160 138Increase in value adjustment 0 68Decrease in value adjustment 0 -47Balance at period end 160 160
The age structure of receivables is shown in chapter 2.5.3 – Financial instruments – financial risks.
2.4.9 Cash and cash equivalents Cash totalling €101 thousand referred to the assets on the business account.
2.4.8 Short-term operating receivables
Short-term operating receivables of €5,127 thousand increased by €478 thousand compared to the end of the previous year. The increase mainly referred to the interest receivables arising from the granted loans.
Short-term operating receivables by maturity (€ in thousands)
30 Jun. 2014 Total Due Not due
Short-term operating receivables 5,127 67 5,0601. Short-term receivables due from Group companies 3,428 23 3,4062. Short-term trade receivables 74 29 453. Short-term operating liabilities to other entities 1,625 16 1,609
2.4.10 CapitalThe value of capital of Sava d.d. which totalled €17,305 thousand (€15,117 thousand at the end of 2013) was by €2,188 thousand higher than at the end of the previous year. The loss made in the first half of 2014 represented 32% of share capital. In the liabilities structure, capital had a 7% share.
Changes in capital
In the first half year of 2014, the following changes took place:● The loss in the accounting period totalled €4,522
thousand. ● The revaluation reserve increased by €6,711
thousand.
At the 20th Shareholders’ Meeting of Sava d.d. a de-cision on a simplified reduction of share capital by €11,381 thousand was adopted to cover the accumu-
lated loss as at 31 December 2013. The share capital of the company thus amounts to €14,061 thousand.
Reserves for own shares within other revenue reserves
As at 30 June 2014, reserves for own shares amounted to €4,977 thousand, the number of own shares totalled 30,541, representing 1.52% of total issue of shares. With regard to the end of 2013, no changes occurred in the first half of 2014. Sava d.d. received another 32,936 Sava shares in pledge, representing 1.64% of totally issued shares.
Revaluation reserve from long-term financial investments
Revaluation reserve from long-term financial in-vestments includes only positive surpluses, which amounted to €7,767 thousand (at the end of 2013: €1,056 thousand).
68
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.4.11 Paid dividends, weighted average number of shares and net loss per share
Paid dividends (€ in thousands)
2014 2013
Dividend per ordinary share in the year (€) 0.00 0.00Total amount of dividends to the debit of retained profit (€ in thousands) 0 0
The share capital is divided in 2,006,987 ordinary personal no-par value shares, which all have voting rights and
are freely transferable. All shares have been paid in full. The company has no bonds for conversion to shares.
Weighted average number of shares (€ in thousands)
30 Jun. 2014 31 Dec. 2013
No. of all shares as at 1 Jan. 2,006,987 2,006,987Own shares -30,541 -30,541Weighted average number of shares as at 30 Jun. 1,995,423 1,995,423
Net loss attributable to shares (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Net loss for the financial year (€ in thousands) -4,522 17,799Weighted average number of shares 1,995,423 1,995,423Basic net loss per share (in €) -2.27 8.92
The diluted net profit / loss per share equalled the net profit / loss per share as capital consists of ordinary
shares only.
2.4.12 Provisions and long-term accrued costs and deferred revenues The value of provisions and long-term accrued costs and deferred revenues totalling €116 thousand entirely referred to the provisions for retirement amounts and jubilee benefits.
Movement of provisions and long-term accrued costs and deferred revenues (€ in thousands)
Provisions for retirement amounts and
similar obligationsOther
provisions
Long-term accrued costs and deferred revenues Total
Balance as at 1 Jan. 2014 117 0 0 117Use of provisions -1 0 0 -1Balance as at 30 Jun. 2014 116 0 0 116
2.4.13 Restructuring of financial liabilities
On 23 July 2013, a Master Restructuring Agreement was entered into by Sava d.d., Nova Ljubljanska banka
d.d. as the organiser, agent and collateral agent of banks’ consortium, and other lending banks, thereby
effectively finalising the process of regulating of the existent financial liabilities of Sava d.d.
Major data:
● Amount: €187.7 million
● Interest rate: 3%
● Date of restructuring taking effect: 28 February 2013
● Final date: 30 November 2014
● Interests of 1% p.a. fall due for payment quar-
terly; the difference of 2% p.a. falls due for pay-
ment on the final date.
69
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.4.14 Long-term liabilities
As at 30 June 2014, the company showed long-term liabilities of €805 thousand (2013: €231 thousand),
which mainly referred to deferred tax liabilities.
Movement of deferred tax liabilities (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Balance as at 1 Jan. 216 1,283
Increase of liabilities at revaluation of securities to fair value – in other comprehensive income 765 11
Decrease of liabilities die to selling securities – in other comprehen-sive income -197 -1,038
Other changes – in other comprehensive income 10 25End balance 794 216
2.4.15 Short-term liabilities
Short-term liabilities totalling €230,876 thousand
were by €1,269 thousand lower than at the end of
the previous year; in the finance sources structure
they had a 92% share.
The explanation about the value of assets of Sava
d.d., put as collateral for the obtained loans is given
in chapter 2.5.2.
SHORT-TERM FINANCIAL LIABILITIES
Short-term financial liabilities to Group companies
totalling €3,835 thousand did not change with re-
gard to the end of the previous year. Liabilities have
not matured yet and are secured with the pledged
securities. The interest rate for short-term loans
obtained from the Group companies amounts to
3.0%.
Short-term financial liabilities to banks amounting
to €185,224 thousand were by €2,478 thousand
lower than at the end of the previous year. The de-
crease was due to repayment of principal amounts
of loans. Short-term loans are hired at a 3.0% in-
terest rate with the banks in Slovenia and abroad.
Short-term financial liabilities to banks have not
matured yet and are secured.
Short-term liabilities arising from bonds
Liabilities arising from bonds were stated at €26,515
thousand. Total nominal value of the bonds issue
amounted to €26,500 thousand, during the issue
procedure in 2009 another €15 thousand were
paid in based on the placed binding bids. Liabilities
arising from bonds fall due for payment in 2014.
Additional explanations in connection with the issue
of bonds:
● Type of bond: ordinary bond nominated in euro, nominal, issued in non-materialised form entered in the Central Securities Depository at KDD d.d. Ljubljana.
● Bonds listing: in the bonds market of the Ljublja-na Stock Exchange under the designation SA03.
● Denomination structure: total issue includes 26,500 denominations at €1,000.00 each.
● Interest rate: under the Master Restructuring Agreement made with all creditors, the interest rate amounts to 3.00% p.a. and is fixed. The interests of 1.00% p.a. (payable interest) are set-tled quarterly in arrears, the interests of 2.00% p.a. (deferred interest) fall due for payment to-gether with the principal amount on 30 Novem-ber 2014.
● Collateral: bonds are secured with 34,287 shares of Gorenjska banka d.d. The book val-ue of the pledged shares amounts to €20,161
thousand.
70
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Other short-term financial liabilities totalling
€8,110 thousand included:
● The loan of €6,000 thousand obtained from A Pokojninska družba d.d., the interest rate be-ing 3.00%. The obtained loan is secured with a mortgage on the real property of Grand Hotel Toplice with the Panorama restaurant and the hotel building Savica.
● Liabilities from hedging against interest rate risk totalling €1,401 thousand.
● Liabilities for unpaid dividends totalling €709 thousand.
Overview of loans outside of the Group, either at a fixed and variable interest rate (€ in thousands)
Fixed interest rate Variable interest rate Total
Long-term loans 11 0 11
Short-term loans 191,224 0 191,224
Total 191,235 0 191,235
SHORT-TERM OPERATING LIABILITIES
Total short-term liabilities were recognised at
€7,192 thousand and mainly referred to the liabili-
ties arising from interests on obtained bank loans
and to the sellers of securities arising from the call
option contract; the latter are secured by placing
a land debt on the real property Perovo owned by
Sava Nepremičnine d.o.o.
2.4.16 Short-term accrued costs and deferred revenues
Short-term accrued costs and deferred revenues totalling €966 thousand refer to short-term accrued costs in
connection with reorganising Sava d.d., deferred interest on loans and other accrued costs.
2.4.17 Net sales revenues
Sava d.d. made net sales revenues amounting to €441 thousand (in the first half of 2013: €927 thousand),
57% of which referred to sales within the Sava Group. Revenues were made in leasing out the real property
and providing other services.
Overview of net sales revenues (€ in thousands)
JAN-JUN 2014 JAN-JUN 2013
Net sales revenues from services 286 672Net sales revenues from rents 155 255Total net sales revenues 441 927
71
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.4.18 Other operating revenues (with operating revenues from revaluation)
In the first half of 2014, other operating revenues were at a minimum, whereas in the same period last year
they totalled €5,210 thousand and were generated in the sale of hotel real property to a company of the
Tourism division.
2.4.19 Cost by functional group
Total semi-annual operating expenses amounting to €1,530 thousand (in the first half of 2013: €3,186
thousand) referred to general overheads.
2.4.20 Cost of goods, material and services
Cost of goods, materials and services had a 48% share in the operating expenses structure. They amounted
to €729 thousand and compared to the same period last year, when they amounted to €2,159 thousand,
they reduced by 66%.
Overview of cost of goods, materials and service by type of (€ in thousands)
JAN-JUN 2014 JAN-JUN 2013
Cost of material 25 38Cost of transportation services 2 4Cost of maintenance services 14 47Cost of rents 79 108Refunds to employees 6 5Cost of payment transactions, bank services and insurance premiums 14 111Cost of intellectual and personal services 296 1,476Cost of fairs, advertising and office allowances 36 79Cost of other services 257 291Total 729 2,159
2.4.21 Labour cost
Labour cost of €742 thousand (in the first half of 2013: €924 thousand) had a 48% share in the operating
expenses structure. Compared to the same period last year, they were down by 20% due to downsizing.
As at 30 June 2014, Sava d.d. employed 18 associates (24 employees as at 30 June 2013).
2.4.22 Amortisation, depreciation expenses and write-offs These amounted to €59 thousand and entirely refer to depreciation.
2.4.23 Financial revenues from stakes
Financial revenues from stakes totalling €1,308 thousand are mainly due to the sale of securities available
for sale. Compared to the same period last year when they amounted to €25,563 thousand due to selling
the Rubber Manufacturing division they were considerably lower.
72
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.4.24 Financial revenues from granted loans
Financial revenues from loans granted amounted to €378 thousand in the first half of 2014 and were by 35%
lower than in the same period last year.
2.4.25 Financial expenses from impairments and write-offs of financial investments
Financial expenses from impairments and write-offs of financial investments amounting to €495 thousand
were lower than in the same period last year when they amounted to €2,535 thousand.
2.4.26 Financial expenses from financial liabilities
Financial expenses from financial liabilities totalling €3,392 thousand referred to a 3% interest rate for the
obtained loans under the restructuring agreement (in the first half of 2013: €8,054 thousand). Last year’s
comparative data does not correspond entirely, as the restructuring of loans was signed after the end of the
semi-annual financial period, based on which the interest rate was reduced retroactively, whereas the finan-
cial statements were correspondingly corrected in the third quarter.
2.4.27. Corporate income tax
For 2014, Sava d.d. had no corporate income tax payable. The deferred tax totalling €1,272 thousand,
which aggravates the operating result of the accounting period, was due to selling financial investments that
had been impaired in the past.
2.4.28 Overview of deferred tax receivables and liabilities
Overview of deferred tax receivables and liabilities as at 30 June 2014 (€ in thousands)
30 Jun. 2014 Receivables Liabilities Net
Financial investments 9,602 794 8,808Total 9,602 794 8,808
Overview of deferred tax receivables and liabilities as at 31 December 2013 (€ in thousands)
31 Dec. 2013 Receivables Liabilities Net
Financial investments 10,874 216 10,658Total 10,874 216 10,658
73
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.5. Other disclosures
2.5.1 Contingent assets, contingent liabilities and mortgages
The item mortgages totalling €1,439 thousand
included the book value of investment property,
pledged for the obtained syndicated loan.
83% of the issued guarantees and sureties amount-
ing to €579 thousand referred to the loans obtained
by a subsidiary in the Sava Group.
Interest rate swaps totalling €4,000 thousand
represented the contracting value of the collateral
made for the obtained loans portfolio.
The pledged securities amounting to €209,781
thousand - a detailed explanation is given under 2.5.2.
The pledge of other assets totalling €23,938 thou-
sand represents the balance of a receivable due
from NFD Holding and the balance of assets on a
deposit account with NLB.
Overview of the off-balance sheet items (€ in thousands)
30 Jun. 2014Structure
30 Jun. 2014 31 Dec. 2013Structure
31 Dec. 2013Index
2014/2013
Mortgages 1,439 0.6% 1,466 0.6% 98
Issued guarantees 579 0.2% 688 0.3% 84
Interest rate swaps 4,000 1.7% 6,000 2.6% 67
Pledged securities 209,781 87.5% 204,982 87.3% 102
Other – pledged assets 23,938 10.0% 21,538 9.2% 111
Total 239,736 100.0% 234,674 100.0% 102
2.5.2. Pledged assets for the obtained long-term and short-term loans of Sava d.d. as at 30 June 2014
As at 30 June 2014, Sava d.d. showed financial liabilities from the obtained loans outside of the Sava Group totalling €217,739 thousand. For these loans, own assets and the assets of the subsidiaries are pledged totalling €242,746 thousand. For the loans of subsidiaries, Sava d.d. pledged further assets in the value of €6,030 thousand.
For the liabilities of Sava d.d., totalling €1,577 thou-sand, which originate from the call option contract for shares, a land debt of €2,485 thousand was created in the form of a notarial protocol on the assets owned by Sava Nepremičnine d.o.o. whose book value amounted to €1,414 thousand.
Breakdown of financial liabilities of Sava d.d. arising from the loans obtained outside of the Sava Group (€ in thousands)
Type of financial liabilitiesLong-term
financial liabilitiesShort-term
financial liabilitiesTotal
financial liabilities
- To the associated banks (GB) 0 25,631 25,631- To other banks 0 159,593 159,593- To other partners 0 6,000 6,000- From issued bonds 0 26,515 26,515Total 0 217,739 217,739
74
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Pledged assets of Sava Turizem d.d., Ljubljana, and Sava TMC d.o.o., Ljubljana, for the loans obtained by Sava d.d. (€ in thousands)
Type of assets Book value of pledge
Mortgages on the real property owned by Sava Turizem d.d.- Family hotel Savica with the associated land 4,722Mortgages on the real property owned by Sava TMC d.o.o.- Grand Hotel Toplice and Panorama Restaurant 8,896Total value of pledged assets 13,618
Breakdown of pledged assets of Sava d.d. by type of assets for the loans obtained by Sava d.d. (€ in thousands)
Type of assets Book value of pledge
Pledged assets:- Pledged shares of companies owned by Sava d.d. 205,874- Pledged stakes in companies owned by Sava d.d. 3,907- Pledged real property owned by Sava d.d. 1,439- Pledged assets – business account (GB) and escrow account (NLB) 4,569- Pledged assets – receivables NFD 19,369TOTAL VALUE OF PLEDGED ASSETS OF SAVA D.D. 235,158BALANCE SHEET TOTAL OF SAVA D.D. AS AT 30 JUN. 2014 250,069Share of pledged assets in the balance sheet total 94.0%
Breakdown by type of pledged shares
Type of assets
Available number of
shares
Pledged number of shares for
loans of Sava d.d.
Pledged number of shares for
loans of subsidiaries
and other liabilities
Number of un-
pledged shares
Book value of pledge -
€ in thousands
Pledged shares- NFD1, share subfund – NF1N 37,498,152 37,498,152 0 0 31,498- Shares of Gorenjska banka d.d. - GBKR 146,060 135,870 3,610 6,580 82,017- Shares of Hoteli Bernardin d.d. - HBPN 1,468,221 1,468,221 0 0 2,320- Shares of Sava Turizem d.d. - SHBR 39,308,317 39,308,317 0 0 88,960- Shares of Kompas Hoteli Bled d.d. - KHIR 13,500 13,500 0 0 115- Shares of Merkur d.d. - MER 251,566 0 251,566 0 0- Shares of Pokojninska družba A d.d. - PDAR 4,987 4,987 0 0 594- Shares of Jubmes banka a.d. - JBMN 13,638 9,874 0 3,764 370Total value of pledged shares 205,874
75
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Breakdown by type of pledged stakes
Type of assets
Available percentage
of ownership
Pledged per-centage of
ownership for loans of Sava
d.d.
Pledged percentage
of ownership for loans of subsidiaries
Percent-age of
unpledged ownership
Book value of pledge -
€ in thousands
Pledged stakes- Sava Nepremičnine d.o.o. 100.0% 0.0% 100% 0.0% 3,907Total value of pledged stakes 3,907
Mortgages on the real property owned by Sava d.d. (€ in thousands)
Type of assets Book value of pledge
Mortgages on real property
- Real property BTC, Ljubljana 1,439
Total value of pledged real property 1,439
Loan debt for other liabilities of Sava d.d. created on the real property owned by Sava Nepremičnine d.o.o. (€ in thousands)
Type of assets Book value of pledge
Land debt on the real property owned by Sava Nepremičnine d.o.o.
- Land Perovo 1,414
Total value of pledged real property 1,414
2.5.3 Financial instruments – financial risks
FOREIGN EXCHANGE RISK
Sava d.d. does business in euros only.
INTEREST RATE RISK
Prior to restructuring its financial liabilities, Sava
d.d. had more than 50% of its credit portfolio tied to
the reference interest rate EURIBOR. In accordance
with hedging against interest rate risk arising from
the expected future change in the reference EURI-
BOR interest rate, Sava d.d. has – from the period
financed at EURIBOR interest rate – a derivative fi-
nancial instrument for hedging against interest rate
risk that expires in April 2015. Total nominal value
of transaction amounts to €4 million as at 30 June
2014.Total value of interest rate swaps as a differ-
ence between the receivables and liabilities is nega-
tive and totals €1,401 thousand at the end of June
2014 (at the end of 2013: a negative amount of
€2,034 thousand). The average interest rate for the
loan hired by Sava d.d. amounted to 3.00% as at
30 June 2014.
76
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Interest rate risk management at Sava d.d. using a financial instrument (€ in thousands)
30 Jun. 2014 Book valueContracted cash flows
6 months or less
6 – 12 months
1 – 2 years
2 – 5 years
More than 5 years
Interest rate swapsAssets 0 0 0 0 0 0 0Liabilities -1,401 -1,401 -690 -711 0 0 0Total -1,401 -1,401 -690 -711 0 0 0
31 Dec. 2013
Interest rate swapsAssets 0 0 0 0 0 0 0Liabilities -2,034 -2,034 -400 -800 -834 0 0Total -2,034 -2,034 -400 -800 -834 0 0
SOLVENCY RISK
Overview of solvency risk (€ in thousands)
30 Jun. 2014Book value
Contracted cash flows
6 months or less
6 – 12 months
1 – 2 years
2 – 5 years
More than 5 years
Non-derivative financial liabilities 229,486 -237,961 -237,954 -4 -3 0 0
Secured bank loans (excluding associated companies)
159,593 -165,974 -165,974 0 0 0 0
Loans from Group companies 3,835 -3,987 -3,987 0 0 0 0
Trade payables and other liabilities 7,192 -7,192 -7,192 0 0 0 0
Borrowings from associated companies 25,631 -26,656 -26,656 0 0 0 0
Bonds 26,515 -27,409 -27,409 0 0 0 0
Other financial liabilities 6,709 -6,733 -6,733 0 0 0 0
Overdrafts on bank accounts 0 0 0 0 0 0 0
Liabilities from financial lease 11 -11 -4 -4 -3 0 0
Derivative financial liabilities 1,401 -1,401 -690 -711 0 0 0
Interest rate swaps for hedging against risk 1,401 -1,401 -690 -711 0 0 0
Total 230,887 -239,362 -238,644 -715 -3 0 0
31 Dec. 2013
Non-derivative financial liabilities 230,126 -240,401 -3,926 -236,468 -7 0 0
Secured bank loans (excluding associated companies)
161,728 -168,668 -733 -167,936 0 0 0
Loans from Group companies 3,835 -4,006 -19 -3,987 0 0 0
Trade payables and other liabilities 5,349 -5,349 -2,089 -3,260 0 0 0
Borrowings from associated companies 25,974 -28,055 -211 -27,844 0 0 0
Bonds 26,515 -27,540 -131 -27,409 0 0 0
Other financial liabilities 6,710 -6,768 -739 -6,029 0 0 0
Overdrafts on bank accounts 0 0 0 0 0 0 0
Liabilities from financial lease 15 -15 -4 -4 -7 0 0
Derivative financial liabilities 2,034 -2,034 -400 -800 -834 0 0
Interest rate swaps for hedging against risk 2,034 -2,034 -400 -800 -834 0 0
Total 232,160 -242,435 -4,326 -237,268 -841 0 0
77
Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
CREDIT RISK
Overview of trade receivables by territory (€ in thousands)
Book value
30 Jun. 2014 31 Dec. 2013
Slovenia 1,960 1,848Other EU countries 1,542 1,419Other 0 0Total 3,502 3,267
Overview of balance and movement of value adjustment in trade receivables (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Balance as at 1 Jan. 160 138Increased value adjustment 0 68Decreased value adjustment 0 -47Balance at period end 160 160
Maturity of trade receivables (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Gross receivables Impairment
Net receivables
Gross receivables Impairment
Net receivables
Not past due 3,451 0 3,451 3,238 0 3,238Past due from 0 to 30 days 19 0 19 19 0 19Past due from 31 to 120 days 25 0 25 9 0 9Past due more than 120 days 167 160 7 160 160 0Total 3,662 160 3,502 3,427 160 3,267
SENSITIVITY ANALYSIS TO FINANCIAL RISKS
● Sensitivity analysis to the interest rate change
Currently, Sava d.d. is not sensitive to the change of the reference interest rate as under the Master Restructuring Agreement made with all creditors of the company with validity until the end of No-vember 2014 it has its total credit portfolio tied to a uniform fixed interest rate of 3% p.a. The average interest rate as at 30 June 2014 did not change if compared to the average interest rate as at 31 December 2013.
The credit portfolio is still strongly sensitive to the interest rate change. If the interest rate changed by 50 basis points, the annual interest expense would increase by €1,136 thousand taking into account the indebtedness of Sava d.d. at the end of 2013.
● Sensitivity analysis to the increased indebted-ness
As at 30 June 2014, Sava d.d. had short-term financial liabilities from obtained loans and bonds totalling €224.0 million. Upon restructuring its fi-nancial liabilities, it assumed certain commitments in terms of a restricted increase in indebtedness. For this reason, the company is not exposed to changes in relation to indebtedness increase.
● Sensitivity analysis to the changes of foreign currency value
Sava d.d. has inflows and outflows balanced, and the major part of assets tied to the domestic currency. For this reason, the company is not exposed to the changes of the value of foreign currencies.
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Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.5.4 Estimating fair values
SECURITIES AVAILABLE FOR SALE
The fair value of listed securities available for sale equals the announced standard bid market price at the balance sheet date. The fair value of shares and stakes of unlisted companies equals the cost value less any impairment based on examination
for impairment signs.
GRANTED AND OBTAINED LOANS
The fair value is estimated as a discounted value of
the expected cash flows from the principal and in-
terests, whereby the effective interest rate equals the
contracting interest rate, which is variable.
ISSUED BONDS
The fair value of issued bonds was ascertained by
using the stock exchange price in the bonds listing
in the Ljubljana Stock Exchange.
SHORT-TERM RECEIVABLES AND LIABILITIES
For receivables and liabilities with a remaining life
of less than one year, the notional value is deemed
to reflect the fair value.
Fair values of financial instruments (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Book value Fair value Book value Fair value
Securities available for sale 36,451 36,451 31,343 31,343
Long-term receivables 0 0 0 0
Short-term receivables 5,127 5,127 4,649 4,649
Granted loans 16,954 16,954 19,387 19,387
Cash and cash equivalents 101 101 227 227
Long-term loans 11 11 15 15
Issued bonds 26,515 2,439 26,515 5,303
Short-term loans 223,684 223,684 226,796 226,796
Short-term operating liabilities 7,192 7,192 5,349 5,349
2.5.5 Hierarchy of fair values
In terms of hierarchy, financial instruments valued
at fair value are classified in three levels:
● Level 1: assets or liabilities at stock exchange
price on the last day of accounting period.
● Level 2: assets or liabilities, which are not clas-
sified at level 1; their value is defined directly or
indirectly based on the market data.
● Level 3: assets or liabilities whose value cannot
be obtained from the market data.
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Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Related parties include subsidiaries and associates, Supervisory Board members, Management Board members and their closer family members.
RELATIONS AMONG COMPANIES IN THE SAVA GROUP
Business relations between Sava d.d. and its sub-sidiaries relate to:
● Provided services, which include use of brand name, and services provided by the professional services.
● Financial operations in connection with manag-ing granted and obtained loans.
Transactions among the Sava Group companies are performed under the same conditions as valid
in an ordinary arm’s length transaction. The capi-tal of subsidiaries as at 30 June 2014, operating income and net operating result of subsidiaries for the period January - June 2014, are disclosed in the notes to the financial statements of the Sava Group.
RELATIONS WITH THE ASSOCIATED COMPANIES
As at 30 June 2014, the associated companies of Sava d.d. are Gorenjska banka d.d. and NFD
Holding d.d.
Gorenjska banka d.d., Kranj
Sava d.d. raises loans with Gorenjska banka d.d.
Terms and conditions for these transactions equal
those effective for other companies with a similar
rating.
Hierarchy of financial instruments considering their fair value (€ in thousands)
30 Jun. 2014 31 Dec. 2013Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Securities available for sale 36,451 1,223 31,499 3,729 31,343 3,521 23,999 3,823
Derivative financial instruments assets 0 0 0 0 0 0 0 0
Derivative financial instruments liabilities -1,401 0 -1,401 0 -2,034 0 -2,034 0
Total 35,050 1,223 30,098 3,729 29,309 3,521 21,965 3,823
2.5.6. Converting capital by means of living (€ in thousands)
Capital % growth Calculated effectOperating result less
calculation effect
CAPITAL - calculation for cost of living 14,061 0.80% 112 -4,634
2.5.7. Related parties
Ownership of the Sava share (€ in thousands)
30 June 2014 31 Dec. 2013
No. of Sava d.d. shares owned by Gorenjska banka d.d. 56,475 56,475Ownership stake of Gorenjska banka d.d. in Sava d.d. 2.81% 2.81%
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Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
Other major transactions with Gorenjska banka d.d.
● The balance of short-term operating liabilities arising from interests to Gorenjska banka d.d. amounted to €704 thousand as at 30 June 2014 (€444 thousand at 31 December 2013).
● In doing business with Gorenjska Banka d.d. in the first half of 2014, interest expenses of €391
thousand were made (in 2013: €909 thousand).
NFD HOLDING d.d., Ljubljana
As at 30 June 2014, the balance of the receivable arising from the granted loans due from NFD Hold-
Transactions with Gorenjska banka d.d. – obtained loans (€ in thousands)
30 Jun. 2014 31 Dec. 2013
Balance of received loans as at 1 Jan. 25,974 35,537Hiring new loans 0 0Repayment of loans -343 -9,563Balance of received loans at period end 25,631 25,974Balance of deposits at period end 0 0
ing d.d. amounted to €17,806 thousand (31 De-cember 2013: €17,806 thousand). As at 30 June 2014, operating receivables from interest on loans amounted to €1,567 thousand (31 December 2013: €1,348 thousand). In the first half of 2014, interest revenues amounted to €219 thousand
(2013: €441 thousand).
RELATIONS WITH NATURAL PERSONS
Related natural persons own 138 Sava shares, rep-
resenting 0.007% of ownership.
Ownership of the Sava share
30 Jun. 2014 31 Dec. 2013Number Shareholding Number Shareholding
Sava d.d. Management Board members 135 0.007% 117 0.006%Closer family members of Sava d.d. Management 0 0.000% 0 0.000%Sava d.d. Supervisory Board members 3 0.000% 21 0.001%Directors of subsidiaries 0 0.000% 0 0.000%Supervisory Board members of subsidiaries 0 0.000% 0 0.000%
The name list of the Management Board and Supervisory Board members who own Sava shares is disclosed
in the business part of the semi-annual report, chapter – The Sava share and ownership structure.
Data about the group of persons – Management Board
In the first half of 2014, gross remuneration of the
Management Board members amounted to €186
thousand and their net remunerations to €93 thou-
sand or 50% of the gross amount. In comparison with
the same period last year, gross remunerations of the
Management Board members reduced by 32%.
Data about the group of persons – other em-ployees with individual contracts of employment
In the first half of 2014, gross remunerations of employees with individual contracts of employment amounted to €360 thousand, or 11% less than in the same period last year.
Data about the group of persons – Supervi-sory Board and its commissions
In the first half of 2014, gross remunerations of the Supervisory Board members and Supervisory Board commission members amounted to €72 thousand. The amount included attendance fees and pay-ments for performing the function.
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Business operations of Sava d.d. and the Sava Group, January-June 2014 ● FINANCIAL REPORT
2.5.8. Influence of events after the balance sheet date on the financial statements of Sava d.d.
Important events that took place after the balance
sheet date are disclosed in the business part of the
semi-annual report. The nature of these events
neither affects the balance of assets and liabilities
shown in the financial statements of Sava d.d. for
the first half of 2014 nor the going-concern pre-
sumption.
2.6. Statement of Management Responsibility for Sava d.d.
The Management Board of Sava d.d., Ljubljana,
confirms the financial statements of the company
Sava d.d. for the period ending on 30 June 2014,
which have been prepared in accordance with Slo-
vene Accounting Standards.
The Management Board confirms that when draw-
ing up the financial statements the corresponding
accounting policies were consistently applied, the
accounting estimates were elaborated according to
the principle of prudence and good management,
and the report gives a true and fair view of the com-
pany’s assets and business results.
The Management Board is responsible for the prop-
er managing of its accounting procedures, estab-
lishing, operation and maintaining internal control
in relation to the preparation and fair presentation
of the financial statements, which do not contain
any material misstatements originating from fraud
or error, and for adopting suitable measures for
securing assets and other funds. The Management
Board confirms herewith that the financial state-
ments and the notes have been produced on the
assumption of going concern and in compliance
with the relevant legislation and Slovene Account-
ing Standards.
Matej Narat President of the Management Board
Aleš AberšekMember of the Management Board
Ljubljana, 19 August 2014
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Business operations of the Sava d.d. and Sava Group, January-June 2014 ● CONTACT
Contact
Sava d. d.Sava d.d.Dunajska cesta 1521000 Ljubljanatel: +386 4 206 55 10fax: +386 4 206 64 [email protected]
Management BoardMatej Narat, Presidenttel: +386 4 206 52 15
Aleš Aberšek, Membertel: +386 4 206 56 90
.....................................................................
Milan Marinič, Senior Management Board Assistant and Director of Sava Group Directorate, Procuratortel: +386 4 206 53 10
.........................................................................
Professional services
FINANCE
Andreja Bevk, Associate Professionaltel: +386 4 206 58 [email protected]
CONTROLLING
Gregor Rovanšek, Managertel: +386 4 206 53 [email protected]
INTERNAL AUDIT
Andrej Jaklič, Managertel: +386 4 206 51 [email protected]
LEGAL OFFICE
Petra Sever, Lawyer, Procuratortel: +386 4 206 64 [email protected]
ACCOUNTING, PLAN & ANALYSIS
Mojca Globočnik, Managertel: +386 4 206 56 [email protected]
CORPORATE COMMUNICATIONS
Gregor Pirc, Coordinatortel: +386 4 206 51 71 [email protected]
Semi-annual report 2014
Sava d.d.
Dunajska cesta 152 1000 Ljubljana
tel: +386 4 206 55 10
fax: +386 4 206 64 46 http://www.sava.si